The Express.
London, England, 1861-06-04 00:00:00

EVENING, JUNE 4,

and means, were so entirely mixed up with railroads, that
it was imposaible to disentangle them in making any state-
ment. In the early days of railroads the companies paid
largely into the home treasury, and the expenditure being
comparatively small, a considerablehal•roeusuallyremained
They always proceeded on the understanding that they had
at the end of the year money for about three months' ex-
penditure in hand. At the beginning of this year they
anticipated that about 7,000,00 W. would be paid into the
home treasury by railway companies. In point of fact the
expenditure bad been 8,000,0001., and the payments into
the home treasury were under 6,000,000/. The balances of
railroad money in the home treasury at the close of the last
four or five financial years, which ended on the Ist of May,
were as follows:-185/1, 3,265,0001. ; 1857, 3,106,0001. ;
185 e, 2,720,0001. ; 1859, 3,846,000/. •. last year, 2,220,00 W.;
and this year only 370/. He was in hopes of getting a cos-
siderable sum from the companies this year, but he had bees
di appointed owing to the state of the money market, and
probably to the high rate of disc:oasts. He had, therefore,
DO alternative but to appeal to the committee for power to
enable him to raise money to meet the demand which would
be made on the home treasury in respect of these works in
the early part of the year. He proposedto ask for power to
borrow a sum of 4,000,0001. What might happen hereafter he
was not in a condition to say. He did nut know what the
railway companies would pay In the course of the year. If
they raised by calls or shares the sums they ought to pay
to meet the expenditure in India, it would be un-
necessary for him to borrow a shilling more.
OD the other hand, if it seemed probable at the
clone of the nation that they would not be able to
pay those sums, thee he might hare to come dove to the
house again, and ask for curb powen as he obtained last
year for raising money for railway purposes in India. He
would now state the general petition of railway finances
in India. Previous to the breaking out of the mutiny ex-
tensive railroad works were sanctioned, the amount re-
quired for completing which was 36,000,000/., or 54,600,000/.
according to the English estimate. Up to the present time
the guarantees amounted to 36,530,00 W., and there was
paid up a sum of 32,190,0001. From the last amount
at appeared that there had been expended 30,802,000 k,
and that there remained to be raised before all the
railways could be completed • sum of 25,000,000/.
Whether it was wise or not to guarantee the railroads to
so large an extent was another question. The only practi-
cal question now was, what was to be done? He had no
hentatiou in saying that, as to those milreeds, at least, that
were in hand, it was their interest to field' them as fast as
possible. (Hear, hear.) They paid 5 per rent. upon all the
sums for the construction of railways paid into the home
treasury, and the railway companies received r. per cent.,
whether the railways were made or not., mid whether any
receipts were forthcoming (min the traffic or not. It was
the government rather than the railway companies that was
interested in the early completion of the railways, because
until they were for the most part completed no traffic re-
turns could be expected from passengers or goods, and it
was to that source that the government looked for • repay-
ment of the heavy aunts they paid as guarantee. The
government of India felt that so strongly, that they said
that rather than the work,' should stop they would recom-
mend what would otherwise be most objectionable, the
raising the money in England. He believed it far be:ter
that the money should be raised here. The amount
of the charge at pm eat was no lem than
two millions per annum, and it was increasing
every day. When the railways were completed
they might hope to recoup themselves, but till those re-
oeipta came in there was • large and growing charge on the
revenue of India. For these reasons they hail determined
that the works on the lines in hand should be prosecuted in
the coming7ear to as great an extent as could be does with
advantage. There were two railroads the completion of
which was looked forward to with great interest in the pre-
seat state of America, one of which pierced the cotton dis-
tricts, and the ot:ier skirted it, and the works on these rail-
ways would be prosecuted with the utmost vigour.
In the ensuing year they anticipated that the expenditure
upon railroads in India would be six million,,which would
be the largest sum that had ever been expended in railways
in that country in the same period except this year. There
were certain railroads which had not vet been commenced,
and it had been determined that the commencement of
them should be postponed. Of course no caphel having
been laid out upon them no interest was payable. He did
rot mean to say that they were not very important lines
ultimately to be completed. Generally speaking they were
portions of lines to fill up gaps in existing lines, but
they passed, generally speaking, through desolate countries,
and though he believed it was to the advantage of Delia
that these gaps should be filled up, yet the demand for
them was not so pressing as that fur the others. The de-
mand for this year was eight million., and the indispensable
demand for the next two yaws would be six or seven mil-
lions. There remained to be considered the state of the
money market, on which would depend when they could go
on with the postponed railways. The result was, as ha
said before, that 24 or 25 millions of money must be raised
for the completion of the railways in India, which
were laid out and planned, and which must be completed
in order to make them profitable, and relieve the govern-
ment from the charge of the guarantee. Some gentlemen
had done him the honour to call on him curd propose the
raising of large gurus for public works in India. Other
works might bo of advantage to India, but as long as the
railroads were incomplete there was the annual charge
on the government for the guaranteed interest, and if all
the railroads were aspen the goverutuent would at once be
relieved from the charge. Ilrhethe-, when that was dam,
they should expend money in other public woks remained
to be determined, but he car quite convinmd that the
most advantageous expenditure of capital at the present
moment was in the completion of these railways, and thus
relieving themselves from the charge for guarantee. If
they were to raise twelve millions fur these works the
annual charge would be 1300,C=., and it became • serious
question whether it would be well to raw such a sum. It
was a question whether the money mar :et of this country
would furnish the capital, except at • rate of interest which
would be ruinous. Some of has friends bad told him that
the more he caked the more lie was likely to go:, but he
believed the wiser course would be to ask only for that
which would mee; the present emergency, and then see
what the effect of that would be on the money market
before they proceeded any further. He was. quite aware
that the object that those gentlemen had in new—nawely,
the development of the resource, of India—wee one of great
and vital importance. When lie became President of the
I Boc:rd of Control railways were in their infancy in India,
and the main hoes were treated simply as experimental
lines. He communicated with his noble and lamented friend
Lord Dalhousie, and they deter mined that they should he-
lmets permanent. Another project, which sonic gentlemen
were priming upon them, wrs the opening of the
Oodavery. He himself ordered • survey of the
Oodavery, believing, contrary to the opiniou of many
at that time, that it was capable of being made a
great highway in India. Then came that moat impoetart
check to the prosperity of laths. the great ruiLdny. It was
' sot extraordinary that so great a *ore could not be healed
without leaving mischievous effects behind it, and one
consequence was the interruption of public works. The
scoounts that they had had lately showed that these effects
had nearly paned away, and he hoped that in the course of the
present year, or at any rate by the beginning of next, the
Indian authorities would be enabled to turn their undivided
attention to peaceful pursuit', and to improving the con-
dition of the country. He was fully aware of
the importance of the production of cotton, a sub-
ject in which he had never been otherwise than
deeply interested. Ile bad been in communication with
gentlemen who were most deeply interested in the produc-
tion of cotton in India, and all he could soy was that they
should receive the heartien co-operation from the govern-
ment which it was possible for them to have. (Cheers.)
He thought the goverunient were taking the right view now,
and he was sure that nothing that the government could do
in that respect should be wanting. (Hear, bear.) He had
already stated that they had urgei on as rapidly as possible
the completion of the niiirocids to the cotton district, and
another subject to which they had given attention was the
improvement of the ports and harbours of the country.
With regard to the Godavery, he thought it better in the
handset the government, and that was the opinion of Sir W.
Denison, a most experienced engineer officer. A large ap-
propriation was made last year, and he could enure his ,
hon. friend that no delay should take place. It was not
very likely that he should overlook what was rather a pet
project of his own. These matters would be discussed
more properly when they were on the general subject of the
finances of Italia ; but they were of such primary impor.
Lance that he thought it right that he should state gene-
rally what were the views of the Indian government on the
subject. The circumstances of India were more favourable
than they bail anticipited. He should be very glad to leave
the money in India for the prosecution of public works,
and to apply any portion of the four millions raised in
this country to the expenses of the home government.
Whether there was a deficiency or a surplus in India in
the course of the present j ear, it was equally necessary that
he should be provided with feuds at home to meet the de-
mands on the home treasury. The resolution which be
would put into the chairman's hands was merely to em-
power his to raise money, and the sum that be proposed to
insert in the resolution was four millions.

Mr. BAZI.EY urged the necessity of developing the re-
sources of India ; ood in reference to cotton showed that
that product was not iudigeootte to America, or cultivated
by aboriginal labour, and a similar development might be
effeck,l in India.

Lord STANLEY pointed out that it was on reduction in
military expenditure in India that the balancing revenue
and reeeipta mainly depended, and he was glad to hear
that that reduction was going on. As to preming on rail-
roads and other works vigorously, there was no alternative
but to do so or to let thorn drop altogether. As to the
amount of the proposed loan, the resolution did not pledge
the house to that, and it might be considered on a future
occasion. . . .

Mr. J. B. SMITH urged the opening of the river Gods,
miey, which ran through the finest cotton district in India,
and would afford that cheap transit which ws• indispen-
made to a supply of cotton to this country.
Mr. Crawford, Mr. Smollett, Mr. Dauby Seymour, and
Colonel Sykes ocatiamod the debate, which took a wide
range over Win affairs generally.
revokationt wee agreed to.
THE DEATH OF ADMIRAL DUNHAM.

On the cedar of tie day for going into canal Mao of
ettei4
PALMERSTON rose and said—l move, sir, that
you do now leave the choir ; and, is doing so, take the
opportunity of expressing the deep regret which her Ur
yeety's government feel at the great loss which the country
las sustained thie very morning by tho death of Vice-Ad-
miral Dudes, who wee for Are-fted•forty roue is the son