In years gone by, when some of the companies sold their Irish estate, there was no question as to their power of alienation or their absolute right to the proceeds of the sale, but of late years a cry has been raised that the companies held their estates in a fiduciary capacity, and that they could not legally alienate their Irish property without accounting for the proceeds of the sale as public trustees. It had got abroad that those companies who had not already parted with their Irish estates—as the Haberdashers had done as far back as the year 1675, and the Merchant Taylors, the Goldsmiths and the Vintners, between the years 1728 and 1737—were meditating a sale. In response to the cry thus raised a select Parliamentary Committee was appointed to enquire "as to the Terms of the Charters or other Instruments by which their Estates in Ireland were granted to the Irish Society and to the London companies, and as to the Trusts and Obligations (if any) attaching to the Ownership of such Estates." Any trust or obligation in connection with the tenure of these estates would naturally be comprised within the four corners of the charters and instruments mentioned in the order of reference just cited, but these the committee practically ignored, on the ground that the task of pronouncing with decisive authority upon their legal construction could only be performed by a judicial tribunal.(134) We have it, however, on the authority of so sound a lawyer as the late Sir George Jessel, that the companies are ordinary owners of their Irish estates in fee simple, subject only to the reservations expressly contained in the conveyance to them.(135) CHAPTER XX. (M55) Contemporaneously with the plantation of Ulster, another and more distant enterprise of somewhat similar character was being carried out in America; and to this, as to every great public undertaking, the citizens of London must need be called to lend their assistance. A company formed in 1606, and composed, in part at least, of London merchants, the object of which was the colonisation of Virginia, had proved a failure after a hopeless struggle for three years. It was therefore determined to reconstruct the company on a different basis and to make an entirely fresh start. (M56)