Lord Castle reagh,pursuant to his notice on a former day, rose to submit his motion to the house, on the subject of the East-India Company's bonds. The house would be aware of the importance of the measure he had to propose inasmuch as the value of the East-India Company's capital was materially influenced by the circumstances under which their securities were circulated in the market. The object of the bill he meant to bring forward, would be to place India bonds, as nearly as possible, on the same footing as Exchequer bills; and the operation of it, of course, would extend to two points, in which they differed from such government securities. The first point related to the manner in which the duty charged under the property tax act was levied on income, arising from such property, which rendered it less desirable to the holder, and of course, tended to depreciate its value. As the tax was levied under the provisions of that act, the directors were authorised to deduct the shilling in the pound from the interest payable on India bonds; so that, whatever may be the income of the holder, the full amount was in this instance to be levied, even though he should not possess 150l. per annum. Such a mode of levying the tax> operated directly to diminish the convenience of such property, and consequently to depreciate its value. 1l was, however, to be admitted, that the party had a remedy by an application to the commissioners for an abatement in every case, where his rate of income, or other circumstances, should entitle him to such abatement. But, when it was considered how onerous and operose such application must prove to individuals, he trusted the house would not object to the principle for simplifying the mode of col- 51 lecting the tax, by enabling holders of India bonds to include the interest thereof in the general statement of their income. He was the more confident of this, as the modifification would not interfere to any considerable amount with the income; duty. The gross amount of India bonds, issued by the company, did not exceed 80,000 or 90,000l. the duty upon which, would of course be tinder 5000l. and not of sufficient weight with the house to induce it to with-hold a facility to the operations of a great commercial company, particularly as the just amount of the duty would not be eventually affected thereby. This was one object of his measure; the other regarded the rate of interest which India bonds bear, with reference to the interest payable on Exchequer bills. The company was by law prohibited from giving more than five per cent, on their bonds, whereas Exchequer bills bore a rate of interest per day, which amounted annually to 5l. 6s. 6d. per cent. This circumstance rendered the property in India bonds, less desirable than other property capable of producing a higher rate of interest, and was of course injurious to the company; besides, it was material that in time of war the bonds of the company should not be ousted from the market. Though the rate of interest had been limited by law, the noble Lord was sure it had never been in the intension of the legislature to place India bonds under disadvantages, to which no other public securities were liable. He was aware that it might be urged, that there ought to be some distinction, between the interests of the public and that of a commercial body, but he was confident the legislature would not look upon the India company as a body wholly mercantile. Their interests were so closely interwoven with the interests of the public at large, which was to enjoy a participation of their resources, that the public could not be a gainer while the company was a loser. His object, therefore, was, to enable the India company to give an interest on their bonds, not exceeding the rate of Interest which exchequer bills may bear at any time, in order that they may enjoy their fair proportion in the market for the circulating medium. He did not see any necessity to trouble the house further, he therefore should move "for leave to bring in a bill to regulate India bonds, with regard to the rate of interest and duty payable thereon."—Leave given.