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FORE:Most unexpectedly, however, the French were as desirous of peace as the Allies ought to have been. At sea and in Italy they had not been so successful as in Flanders. Admiral Anson had defeated them off Cape Finisterre, and taken six ships of the line, several frigates, and a great part of a numerous convoy; Admiral Hawke, off Belleisle, had taken six other ships of the line; and Commodore Fox took forty French merchantmen, richly laden, on their way from the West Indies. In fact, in all quarters of the world our fleet had the advantage, and had made such havoc with the French commerce as reduced the mercantile community to great distress.
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FORE:The Company was then compelled to reduce its dividends to six per cent. and apply to Parliament for a loan of a million and a half to meet its pecuniary difficulties. This, Ministers and Parliament complied with, and proceeding to relieve the Company of its embarrassments, Lord North[208] proposed and carried a measure, by which the Company, which had no less than seventeen million pounds of tea in its warehouses, should, without limit of time, be authorised to export its teas to the British colonies of America duty free. This was thought a great and conciliatory boon to the Americans, but it proved otherwise. The import duty of threepence in the pound was still stubbornly retained, and the Americans, looking at the principle of taxation, and not at a mere temptation of a cheapened article, saw through the snare, and indignantly rejected it. The principal tea merchants declared that this would be the case, and that the whole Government scheme was wild and visionary.
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