§ Considered in Committee.
§ (In the Committee.)
§ MR. E. STANHOPEsaid, he was happy to inform the Committee that the purchase of the East Indian Railway had been concluded, and the railway had now passed into the hands of the State, although it remained under the management of the Company. The Committee was aware that in the Act of last year no arrangement was made for providing the money which would be required in the future. It was settled that the Government would have to come to the House for capital for the future enlargements of the line, and for power to pay off the existing debentures of the Company. Some of the debentures would fall due at the beginning of next year; and, therefore, the Government had thought it right to apply to Parliament for sufficient powers to raise money for the discharge of those debentures, which hon. Members would find included in the Schedule. The hon. Gentleman concluded by moving the following Resolution:—
That it is expedient to authorise the Secretary of State in Council of India to raise the sum of £2,950,000, in the United Kingdom, for the purpose of paying off and redeeming Debentures of the East Indian Railway Company.
§ SIR GEORGE CAMPBELLsaid, that he accepted as reasonable the proposition of the Under Secretary of State for India to raise a sum of money for paying off the debentures of the Company falling due in the ensuing year. He was well pleased that arrangements had been concluded for taking the railway into the hands of the State; while, at the same time, he was obliged to say that, in his opinion, the wheels of the transaction had been too well oiled by the extremely liberal terms granted by the Government.
§ Resolution agreed to; to be reported To-morrow.