T—— had found out this expedient for them that the Queen shou'd by an assignment under the great seal give her right to private Persons, with wch the company seem'd to be satisfied, so accordingly the Queen's right was vested in Mr. Lounds and Mr. Taylor, but when they came to demand of them their proportion 20 p.c. to go on with the trade, they were told that they cou'd advance nothing, that they were only trustys and were to give a declaration of trust that it shou'd be for the benefits of Persons hereafter nam'd in another writing drawn up with blanks—to A B such a part, to D E such a part, and so on. Then they were to consult their counsil how they shou'd be able to trade jointly with these blanks; they advised they shou'd pay in their first 20 p.c. and if hereafter they did not pay their proportions as call'd for by the company, then by a writing that was to be executed between them they shou'd forfeit their first payment; and in that there was some words put in by the Atturney General that was not approv'd on by the Court, and the words that was offer'd to be put in in the room was not satisfactory to the Company; but to make short Lord Treasurer seeing matters going on with so much wrangling, in January, I think, took his leave of the company and told them he could serve them no longer, then they shou'd see how things were managed since.
I find I can't go on to distinguish what was said by the several Lords, so I'll tell you who spoke of a side and use their arguments as they come in my head. Lord Townsend spoke next and pursued the same method as Lord Halifax, calling for letters of Lord Bullingbrooke's to be read to show how things were managed, as he went on with his discourse. Then Lord Wharton spoke but he said nothing more remarkable than the rest, but when he came to that period of time that Lord Treasurer had left the management of the company he made this joke, and here, says he "is the End of the reign of one great Minister, I mean only as to the South Sea company; they were used with Douceurs before, but from hence forward you'll see they are treated with a high hand." Then Lord Cowper the last of that side; but to return where
