§ MR. SMOLLETTsaid, he wished to ask the Under Secretary of State for India, What was the extent of liability undertaken by the Indian Government under the Madras Irrigation and Canal Act of 1860; whether the capital of £1,000,000 was fully paid up; what amount of interest has been paid from the Indian Exchequer upon that capital; and whether any sums advanced have been repaid out of the profits of the Canal Company? What amount of additional capital was raised under the said Company's Canal Act of 1863; how much of this additional capital has been paid up, and what amount is still due on unpaid shares; also what amount of interest has been paid on the additional capital, and from what sources the interest has come? And what is the object of the Act introduced to amend the Acts of 1860 and 1863; whether it has been brought before Parliament with the knowledge of the Indian Government; and whether there are any grounds to suppose that the works of this Company will ever prove reproductive?
§ MR. STANSFELDsaid, in reply, that the Government liability under this Act was to guarantee 5 per cent on £1,000,000 of capital. Of that sum all but £44,296 had been paid up. The amount of interest 767 advanced was £214,233, and no additional capital had been raised under the Act of 1863. The object of the Amendment Act was to enable the Company to substitute £20 shares for shares of a larger amount. There was every reason to believe that the canal works would be profitable.
§ MR. SMOLLETTsaid, he wished to know if any interest had been refunded?
§ MR. STANSFELDNone; the works were not yet completed.