Thus Lord Melbourne and Lord Howick had to change face in a fashion well-nigh ludicrous.

The Government offered the Association a charter provided it would become a joint-stock company.

Baring and his friends refused this on the ground that they did not want any money-making element to come into their body.

Moreover, in those days joint-stock companies were concerns with unlimited liability.

The Association tried to get a bill of constitution through Parliament and failed.