Some of the captains, officers and men from the honourable company were now taken on by these enterprising new shipowners about to enjoy the benefits of free trade. But not more than one-fifth of these “old-timers” changed over to the new régime, at any rate straight away. Why? Firstly, these private owners were not too anxious to employ a personnel who had been accustomed to work in ships where expense had not been of the first consideration. Secondly, some officers thought it beneath their dignity to serve in “free trade” vessels, and in any case their remuneration could not be as high as had been possible during the company’s extravagant existence. So the captains and officers appealed to their late employers for pensions. They had entered the East India Company’s service expecting provision for life, but now they found themselves awkwardly placed. Not without reluctance the company eventually decided to grant compensations to all commanders and officers who had been in their employ for five years from April 22, 1834. Every commanding officer therefore received £1500 and the other officers received proportionate amounts. But, in addition to this, each commander also received £4000 for three unexpired voyages, £3000 for two voyages and £2000 for one voyage, which they would have made had they continued in the service. Nor was that all; for those commanders who had served for ten years were given a pension for life of £250 a year, the chief mates getting £160 a year, and so the scale ranged down to the carpenters and gunners. The only condition was that these assured the company of their inability to obtain further employment, and that any income which they possessed was to be in abatement of these pensions. Thus, to the very end, the old East India Company treated its officers and crews very handsomely, especially when we remember the value of a sovereign in those days. The _Seringapatam_ was the first of those famous Blackwall frigates which were the direct descendants of the defunct East India Company. The last of the series, also built by Green’s Blackwall yard, was the _Melbourne_ (afterwards well known as the _Macquarie_), launched in 1875. Most of this historic fleet were built at the Blackwall yard, at Smith’s Tyne yard, at Sunderland or in India, but especially at Blackwall. They were all high-class ships which were run in a high-class manner. The discipline was strict, the personnel was excellent, and they were in every way worthy successors of the old monopolists. If you talk to any of the officers still alive who served in these Blackwallers, or read their reminiscences, you will understand at once that it was thought an honour to be allowed into this new service.