 This defeat led Lord Stanhope and Lord Sunderland to reconcile with their opponents; Walpole returned as Paymaster of the Forces and Townshend was appointed Lord President of the Council.By accepting the position of Paymaster, however, Walpole lost the favour of the Prince of Wales (the future King George II) who still harboured disdain for his father's Government.Soon after Walpole returned to the Cabinet, Britain was swept by a wave of over-enthusiastic speculation which led to the South Sea Bubble.