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ONE:To assist the Governor-General, the British Government had sent out Sir Eyre Coote in 1780 to the scene of his former fame, not only as Commander of the Forces in place of Clavering, but also as member of Council. Coote usually supported Hastings in the Council, but he greatly embarrassed him by the insatiable spirit of avarice which had grown upon him with years; and in making arrangements with the Nabob of Oude and others to supply the means of accommodation to the old commander, Hastings largely augmented the grounds of his future persecutions. The war with the Mahrattas and the announcement of the speedy arrival of a French armament on the coast of Coromandel induced the Company's old enemy, Hyder Ali, to think it a good opportunity to recover some of his territory from the Company. He saw that the present opportunity was most favourable for taking a signal revenge on the English. For years he had concerted with the French a grand plan for the destruction of the British power; and even whilst he remained quiet, he was preparing with all his energies for its accomplishment. He had squeezed his treasurers and collectors to the utmost for the accumulation of money, and mustered an army of nearly ninety thousand men, including twenty-eight thousand cavalry and two thousand artillery and rocketmen, besides four hundred engineers, chiefly French. Hyder suddenly poured down from his hills with this host into the plains of Madras. To the last moment the authorities there appear to have been wholly unconscious of their danger. Besides this, the army in the presidency did not exceed six thousand men, and these were principally sepoys. This force, too, was spread over a vast region, part at Pondicherry, part at Arcot, part in Madras, but everywhere scattered into cantonments widely distant from each other, and in forts capable of very little defence. As for the forces of their ally, the Nabob of Arcot, they ran at the first issue of Hyder's army through the ghauts. On came the army of Hyder like a wild hurricane. Porto Novo on the coast, and Conjeveram near Trichinopoli, were taken; and Hyder advanced laying all waste with fire and sword, till he could be seen��a dreadful apparition��with his host from Mount St. Thomas, his progress marked by the flames and smoke of burning villages.The new Parliament met on the 14th of November. Mr. Manners Sutton was re-elected Speaker. A week was spent in the swearing-in of members, and on the 21st the Session was opened by the king in person. In the Royal Speech allusion was made to the throwing open of the ports for the admission of foreign grain, and the distress that had visited the manufacturing districts. The Address was carried in the Upper House without a division, and in the Lower House an amendment, moved by Mr. Hume, found only twenty-four supporters. On the 5th of December Alderman Waithman moved for a committee of inquiry with reference to the part taken by members of Parliament in the Joint Stock mania of 1824-5-6. He stated that within the last three years six hundred joint-stock companies had been formed, most of them for dishonest purposes. The directors of these fraudulent schemes worked with the market as they pleased, forcing up the prices of shares to sell, and depressing them to buy, pocketing the difference. He dwelt particularly on the Arignon Mining Company, of which the late chairman of the Committee of Ways and Means, Mr. Brogden, had been a director. The directors of this company, besides an allowance of three guineas per day for the use of their names, had divided between them a large surplus, arising from traffic in shares. Other members of the House, he alleged, had enriched themselves by bubble companies, particularly Sir William Congreve. At the suggestion of Mr. Canning, the inquiry was restricted to the Arignon Company. A vast amount of loss and suffering had been inflicted by these bubble companies. A check was given to the steady and wholesome progress of the country by the fever of excitement, followed by a sudden and terrible collapse. Healthful commerce was blighted, and one of the worst results of the revulsion was that it not only swept away the delusive projects of adventurers, but paralysed for a season the operations of legitimate enterprise. The commercial atmosphere, however, had been cleared by the monetary crisis of 1825-6. An extensive decomposition of commercial elements was effected. Masses of fictitious property were dispersed, and much of the real capital of the country was distributed in new and safe channels, which caused the year 1827 to open with more cheering prospects.