The War with Spain (Right of Search) and the War of the Austrian Succession. Fall of Walpole. The Wilmington, Pelham, and Newcastle Administrations.

Commencement of the war. Our fiscal position. Cost of the war. Land tax raised to 4s. Fall of Walpole. Pulteney and Carteret in power. Repeal of the Act against spirituous liquors. The drinking fund. The Pelham administration. Defeat of Pelham on the sugar question. Fall of Carteret and formation of the Broad Bottom administration. Extension of the tax on salt. Additional tax on wine. Important reduction of the tax on tea. The Rebellion of ’45. New tax on the manufacture of glass. Pelham's new window tax. Tax on pleasure carriages. A fourth subsidy of customs granted in 1748. Speech of Henry Fox on taxation. Peace of Aix-la-Chapelle. Reduction of the land tax. Death of Pelham. His character. A new period commences. Fox, Murray, and Pitt, The Newcastle administration. Fox secretary of state. Pitt courts dismissal. Legge and G. Grenville resign. Lyttelton chancellor of the exchequer.