While this subject was under parliamentary discussion, the proprietors
of East India stock demanded of the court, that, as the company had
gained so much territory and so many new advantages, a larger dividend
should be declared. In compliance with this demand the dividends were
increased from ten to twelve and a half per cent., which step called for
the interference of government. In order to check a proceeding which was
considered calculated to renew the gambling stock and share jobbing of
the memorable South Sea year, two bills were brought into the house by
ministers; one for regulating the qualifications of voters in trading
companies, and the other for restraining and limiting the making of
dividends by the company; fixing them at ten per cent. This latter bill
encountered a most violent opposition both by the company and in the
house, particularly by the lords, but it was carried, and received the
royal sanction.
AMERICAN TAXATION.
Soon after the reassembling of parliament Mr. Grenville, intent upon
taxing America, had proposed saddling that country for the support
of troops, &c, and the chancellor of the exchequer, in reply, pledged
himself to the house to find a revenue in the colonies sufficient to
meet the expenses. Accordingly, during the session, he introduced a
bill to lay certain duties on glass, tea, paper, and painters' colours,
imported from Great Britain into America. This bill was carried through
both houses with the greatest facility, and another act passed with
equal facility, which placed these duties, and all other customs and
duties in the American colonies, under the management of the
king's resident commissioners.
Pages:
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133