HC Deb 20 February 1868 vol 190 cc989-90
MR. SMOLLETT

said, he would beg to ask the Secretary of State for India, If, having failed to obtain the consent of the East India Canal Company for the sale of their stock at par, he has agreed to advance them money, and on what terms?

SIR STAFFORD NORTHCOTE

I must explain, Sir, that the East India Canal Company has two undertakings, which are distinct—the one in Orissa, on which they have already expended a large sum of money, and the other in Behar, on which they have laid out little or nothing. The proposal made on the part of the Government of India was that the Company should part with both those undertakings. I have now to say that, if they are willing to part with the Behar undertaking, the Council of India would be prepared to make them an advance for the purpose of enabling them to complete their works, or such portion of them as might be agreed on. They have not as yet entered upon the terms of that advance. I have received a communication from the Company this day, which places the arrangement with regard to Behar beyond any doubt, and I hope to-morrow to be able to settle with the Council of India the terms upon which they will be prepared to arrange the offer of a loan.

MR. OTWAY

said, he would beg to ask the Secretary of State for India, Whether he proposes to make the advance to this Company—the amount being, as he understood, nearly £1,000,000—without the sanction of Parliament?

SIR STAFFORD NORTHCOTE

I do not know on what authority the hon. Gentleman has stated the sum to be nearly £1,000,000. I believe it will probably be necessary for the Company to apply to Parliament for further powers, as their borrowing powers might not be sufficiently extensive; but, as far as the revenues of India are concerned, the sanction of Parliament is not required.

COLONEL SYKES

said, he wished to know whether the right hon. Gentleman referred to Orissa or Behar.

SIR STAFFORD NORTHCOTE

I referred to Orissa. The expenditure in Behar would be very small.