The Press.
London, England, 1858-02-13 00:00:00

THE INDIAN LOAN BILL.

WREN we mentioned last summer what the
expenses entailed by the Indian revolt would
probably amount to, we were met by the
advocates of the Government with a denial
that any addition would be made by it
to the Indian debt. It was said that, on the
contrary, the Indian finances would be rather
improved than deteriorated by the event. The
stoppage of public works, on which two
millions annually had been expended, was to
put an end to a yearly deficit of that amount.
The saving in the pay of disbanded native
regiments. and in the pensions to native
princes who had been compromised, was to
make us gainers to an extent far greater than
would cover any additional charges in the
shape of European troops. As to the revenue
of the country, it was merely a military mutiny,
the people being loyal, and so there would be
little or no falling off in our receipts. Pe-
cuniary aid, therefore, was precisely the kind
of aid the Company would not need; the
resources at its disposal being ample to meet
every contingency that could possibly arise.
An assertion in one of the daily papers that
the Directors were already casting about
them for a loan in London was answered by
the statement that, so far from this being the
case, they had more money on their hands
than they could find present employment for,
and would be willing to come into the market
as lenders instead of borrowers if their position
allowed.

We appeal to all who read the public jour-
nals habitually, whether the above is not a
fair summary of the articles given in the re-
cognised organs of the Government at
the time. Yet, what does the announce-
ment of Mr. VERNON SMITFI to the
House of Commons on Saturday last disclose?
Why, that, so far from the Company being in
a sound position financially, it has totally ex-
hausted its borrowing powers in this country,
which extend to seven millions sterling, and
that it has also spent the two millions sterling
of railway deposits confided by the various
Indian guaranteed railway companies to its
hands ; that it has got rid of all the money
it has obtained in the shape of subscriptions
to its Indian loans during the period (the loan
opened in the Punjaub having produced a
million sterling, according to the statement of
the Government organs), and that it now re-
quires powers to raise in this country ten
millions more. This, with two millions and
a half of fresh railway deposits in the present
year, it is said will not only cover existing defi-
ciencies. but enable it to carry on till 1859. In
the face, however, of the deceptions already prac-
tised on the public, - shall
doubt the fact. Our

have been pretty I
on Indian matters
double that sum

term in question _
would, therefore, earnestl
Legislature the adv
President of the In

it, ere it passes the
statement of the

bursements for the

die, we shall take leave to
ur own impression
accurate in our 1a ideals '
thus far—is - ---
will be wantectizsil.T., • _
shall have e$ 1.
earnestly impress •
Ivisability of cotip 11 • • Al „„--
Indian Board - '
.
le Bill, a clear Ned • 1 (....j.t• rz.,l
Indian receipU .9141 I•>'-
3 past year, and his • '4