§ Order for Committee read.
§ House in Committee.
§ Clause 1.
§ MR. CRAWFORDthought that some notice ought to be given of the way in which the Government intended to avail themselves of the powers created by this clause. The cause of the depressed state of Indian securities was owing to the fear of constantly increasing demands. He wished to know whether it was to be raised by one sum to be paid in instalments, or by sums to be raised at different periods?
LORD STANLEYthought that the matter ought to be left to the discretion of the Executive Government. All or nearly all of the sum was needed for the actual home expenses of the Indian Government. He could not be more definite on the subject.
§ Clause agreed to.
§ SIR ERSKINE PERRYinquired if it were necessary for the Secretary of State for India to apply to the House for leave every time he required a loan of money. When the Company was in existence it had to apply to Parliament for such power; but as the colonial Governments could of their own motion raise money, he wished to know if the Indian Government possessed an analogous power.
LORD STANLEYsaid, he had taken legal opinion upon the point, and was informed that the Government of India had succeeded to all the powers, responsibilities, and liabilities of the Company. The Secretary of State might raise what money he required without the sanction of Parliament, but only by a circuitous process. 87 The Government of India, in India, might, by its agents here, raise the money; but that, although within the letter, would be contrary to the spirit of the law.
§ MR. CRAWFORDinquired if the debentures under this act would rank pari passu with those under the Act of last Session?
§ SIR FITZROY KELLYreplied, that there would be no preference.
§ Clause agreed to; as were the remaining clauses.
§ House resumed.
§ Bill reported.