This state of things led King William, after his return to England, to open the new session of Parliament with the remark, that an honourable peace must not be expected unless all would still continue their former efforts with unflagging energy.

Shrewsbury had now been for some time Secretary of State; Montague, the founder of the Bank, had been made Chancellor of the Exchequer; with Somers, they added much to the strength of the Whig party in the administration, though that interest was still far from being dominant. Such men as Caermarthen and Godolphin held the great posts of President of the Council and First Lord of the Treasury. On the coalition of the two parties in the highest offices, and on their united influence in Parliament depended the tranquil advance and success of government.

Opposition was not lacking: in the very first debates the state of the nation, with reference even to the results of the last year, was declared to be pitiable. This, however, could now call forth nothing more than an ironical smile. The House of Commons replied to the speech from the throne with a resolution to the effect that the war with France must be carried on vigorously; it invited government to lay before the House the next year's estimates, and with some forces was so full that it would have taken a long time to test in detail the amounts and calculations. One of the most slight reductions adopted them.