§ Motion made and Question proposed, That the Bill be now read a Second Time.
§ MR. CRAWFORDsaid, the object of the Bill was to give persons holding certain Indian securities in this country the power of taking out letters of administration, but he thought the Government had lost sight of the fact that there were notes issued in India upon which interest was received in this country, and it would be a great convenience to the holders of those securities if the same privilege were extended to them.
§ COLONEL SYKESsaid, that if a person lent money at Bombay or Madras, and died possessed of property at Calcutta, administration granted at one place was of no effect in the other. Power ought to be granted by this Bill so that one administration should suffice, whether the property was in India or in England.
§ SIR CHARLES WOODsaid, that the questions of details raised by the hon. Members could best be discussed in Committee on the Bill. In reply to the question relative to the loan, by the Act of 1858 a loan of £8,000,000 was authorized to be raised on debentures. By the Bill of last year power was given to raise £7,000,000 by way of debenture, of which £5,000,000 had been raised when he came into office. After he had assumed office, he proposed to raise £5,000,000 more by debenture or stock, and at the time he obtained that power he stated, that there was an unexercised power of raising £2,000,000 as well as the £5,000,000 he proposed to raise. Instead of raising the latter amount by debentures, he raised it by stock. That operation bad succeeded better than anybody had expected. He postponed taking any steps with regard to the debentures until after that period. His object was to add to the stock and not to the debentures to the extent of the other sum of £2,000,000; it being acknowledged that the larger amount of stock the better, and his desire being not to add to the debenture debt. He had therefore issued debentures for £1,000,000 for a limited time, moaning to convert them into stock (which would be saleable as it was wanted) after the period of the debentures becoming payable. A second issue of debentures had taken place, which were not yet payable; but it would be satisfactory to the country 545 to know that the western portion of the empire was about to make a considerable investment in the stock of the eastern portion of Her Majesty's dominions. He was happy to state that the Governor General of Canada had applied to him for upwards of a £1,000,000 Indian stock, to be appropriated for that colony. Independently of pecuniary considerations, it was a satisfactory thing that one portion of our colonial empire was prepared to take the surplus stock of the other. He had therefore willingly acceded to the request, and Canada had taken the whole of the first £1,000,000 issued on debentures, and a considerable amount of the second £1,000,000 of debentures, which would become payable in April. It was a gratifying circumstance that £1,300,000 of the second £2,000,000 of the Indian loan should be taken by the Canadian Government. The remainder would he available whenever it might be thought desirable that it should be taken by the public, for which there was no hurry. He was happy to say that the greater portion of Indian stock which had been created was taken, not by the great capitalists, but by persons of moderate means, and it had now passed into the category of permanent investments. That was the most satisfactory way in which the stock could be held, and it showed the confidence which was felt in the future of our Indian Empire. Motion agreed to. Bill read 2°.