§ MR. SMOLLETTasked the Under Secretary of State for India, with reference to the Question put to that Department on the 22nd February 1872, whether the instalments due to the Government of India by the Madras Irrigation Company in repayment of debentures have been regularly made; and, if so, from what sources these payments are met, from money borrowed or from profits accruing from irrigation or canal dues; and, whether any negotiations are pending for the transfer of the entire works to the India Government, and upon what terms?
§ LORD GEORGE HAMILTONSir, the total amount of the debenture debt of the Madras Irrigation Company due to the Secretary of State for India was £600,000; of this amount £228,000 has been repaid as the instalments became due, leaving £372,000 still to be paid. The Secretary of State, however, has recently given, for reasons which it is not necessary to state now, an additional two years' grace for the repayment of these debentures. The previous repayments have been made with borrowed money, and no negotiations are pending for the transfer of the works to the Indian Government.