Green’s Dictionary of Slang

His Majesty’s bad bargain n.

also Her Majesty’s bad bargain, His Majesty’s hard bargain, king’s bad bargain, Queen’s bad bargain, ...bad shilling, ...hard bargain, Q.H.B.
[the quality of his service does not justify his pay]

[late 18C–1900s] a worthless soldier; a malingerer; a soldier jailed in a civilian prison; cites 1801 + 1843 refer to an officer in the East India Company.