There is something almost ludicrous in the ease with which territory changed hands in those days, and we are left with the picture in our mind's eye of a be-jewelled potentate and a be-stocked officer hobnobbing over bags of rupees, silk-paper documents, and large seals. This treaty was a bitter pill to Hyder, who retaliated in every possible way, until one day, by deft stratagem, he took his enemies in the rear, appeared by forced marches before the very walls of Madras, so, with the pleasure-gardens and houses of the councillors at his mercy, almost compelled a treaty of mutual aid and defence. A _volte face_ indeed! Small wonder that the Directors at home, who had been complaining ineffectively of the expenses of the war, became bewildered by the sudden change of _venue_. The general public also, seeing the price of East India stock go down 60 per cent., became uneasy; there is nothing like a drop in Trust-Securities for rousing the national conscience! Dividends were declining, debts were increasing, the glorious hopes of unbounded riches from India had faded; actuaries, nicely balancing debit and credit against the Company, discovered that no less than one and a quarter million of the original stock of four and a quarter of millions had gone, disappeared! Fateful disclosures these! Public outcry rose loud; voices that had kept discreet silence while profit seemed the certain result of wars, and treaties, and giftings, were now uplifted against rapacity, misconduct, corruption; in the midst of which the alarming discovery was made that the Company required a loan of £1,000,000 from this same public in order to carry on the business. Yet, unless the business was carried on, how could the yearly payments of £400,000 to the royal exchequer, on which the public had insisted, be continued? Could mismanagement further go? So three supervisors, vested with full powers, were appointed, and set sail for India in one of His Majesty's frigates. But Fate intervened. They passed the Cape in safety, but were never heard of again. This was too much. A victim must be found. Therefore Clive was arraigned. That story has already been told, so we can pass on to the mutual recriminations in Parliament, the growing determination on the part of John Bull, honest and dishonest, that something must be done, which found fruit in the first Regulating Act "for the better management of the affairs of the East India Company as well in India as in Europe." By this Act a governor-generalship with a salary of £25,000 was created, together with four councillorships of £8,000. Bombay and Madras were made subordinate to Calcutta, and a Supreme Court of Judicature, appointed by the Crown, was established at the latter place. All the other appointments were to be subject to the confirmation of Parliament, and all the holders of these offices were excluded from commercial pursuits.