FORE:Walpole, however, continued to oppose the South Sea Bill in the Commons, declaring that the terms were too extravagant ever to be fulfilled; that the experiment could result in nothing but a fearful increase of the costs of stockjobbing, and final confusion and ruin. He insisted that, before the proposals of the Company were accepted,[47] the rise of their stock should be limited, and every means taken to prevent the fever of infatuation that would ensue from the promise of dividends out of funds which could never be realised. He proposed for this purpose the introduction of a clause fixing the number of years' purchase to be granted to the annuitants of the South Sea Company; but to this it was objected that it was the interest of the Company to take up the annuities; and, as the annuitants had the power of coming in or not, as they pleased, the Company would, of course, offer advantageous terms, and, therefore, the whole affair might be safely left to private adjustment. Aislabie added that the South Sea Company would not submit to be controlled in an undertaking they were to pay so dear for. The Bill passed both Houses.The alarmed Ministers now mustered what ships they could, and despatched Admiral Byng with them from Spithead on the 7th of April. The whole of these ships amounted only to ten, in a half rotten condition and badly manned; and they commenced their voyage only three days before the French armament issued from Toulon, the English having to cross the Bay of Biscay, and traverse two hundred leagues of the Mediterranean, whilst the French had only seventy leagues to travel altogether. The French armament consisted of twelve ships of the line, and numerous transports, under Admiral La Galissonire, consisting of sixteen thousand men, under the command of the Duke de Richelieu. General Blakeney received news of the approach of this fleet by means of a fast-sailing sloop, and began in all activity to prepare for his defence. He collected his forces into the castle of St. Philip, commanding the town and harbour of Mahon, calling in five companies from Ciudadela. All his troops, however, amounted only to two thousand eight hundred. He had large quantities of cattle driven into the fort, flour and bakers were got in, the ports blocked up, and he sank a sloop in the channel to obstruct the entrance to the harbour. The French fleet appeared off port Ciudadela on the 18th of April, but Byng did not come in sight till the 19th of Maya month afterand then he came disappointed and dispirited. There was a mutual attempt made by Byng and by Blakeney to effect communication, but it does not appear to have been of a determined character, and it failed. La Galissonire was now bearing down on Byng, and the next day, the 20th of May, the two fleets confronted each other. Byng, about two o'clock, gave the signal to Rear-Admiral West to engage, which West did with such impetuosity, that he drove several of the French ships out of line. But Byng himself did not follow the example of West; he hung back, and thereby prevented West from following up his advantage. It was in vain that Byng's own captain urged him to advance; he pretended that it could not be done without throwing his ships out of regular line; and he kept at such a distance that his vessel, a noble ship carrying ninety guns, never was fairly in action at all, and had not a single man killed or wounded. Thus deserted, West was compelled to fall back; and La Galissonire, who showed no disposition to continue the fight, sailed away. Byng retired to Gibraltar.
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