The Express.
London, England, 1850-12-25 00:00:00

INDIAN FINANCES.

Mom the Daddy New.)
In • recently received umber of the Friend of
India we find a criticism of great length and elabora-
tion on some remarks respecting Indian finance whisk
appeared in the Daily News shortly after the delivery
to parliament of the teat year's accounts of the FAA
India Company. Those remarks had, it would sees,
been very generally re-echoed or reproduced by the
independent press of Calcutta and Madras; and had.
in consequence, occasioned a good deal of annoyance
to the authorities whose reputation is involved in the
subject. It becsm.., therefore, desirable to remove or
lessen the impression so made: and hence the demi-
official criticism in the Friend of India. As such,
we propose to examine its statement.
Before, however, doing so, it may be necessary to
say that the Friend of India was—in times when
freedom of the press, and something even more valu-
able, viz., liberty to carry Christianity to India, was
prohibited in our Oriental territories—started by some
leading members, and it may almost be added martyrs,
of the Baptist Mission that found refuge and safety
in the Dutch settlement of Serampore—distant about
sixteen or eighteen miles from Calcutta and opposite
Barrackpore, where the Governors-general seek repose
from the turmoil of that capital. For many years it wan
ooklucted in a spirit, temper, and tone worthy of its
origin : independent is thought, temperate in lass-
page; sensible and unaffected, though somewhat,
verbose; never reaching brilliancy of style, or philo-
sophic investigation; but always full of sobriety, and
free from trilling and scurrility. It had, however,
even then one serious defect: it was never able in its
missionary zeal to appreciate the many fine points in
native character. but was generally oppressed by a
sense of, to an European, its more obvious defects.
Still, being at that period, from the then thoroughly
autocratic nature of the Indian government, and from
its position equally out of its influences, and of the
cliquery, jealousies, and gossip of Calcutta, the calm
and refit-dive comments of the Friend ef India on
public occurrences were exceedingly valuable. Now,
however, that freedom of the press has brought the
Indian government somewhat within the pale of
public opinion, that government has begun to feel
the value of newspapers; by degrees the Friend V
India became connected with it; and at last has
lapsed into something very like its organ ; explaining
its views, defending its policy, and upholding its mea-
sures. So that of late we have had this paper of
missionary origin, justifying each successive war
of aggression and conquest, enforcing that system of
ter:amid expansion which has absorbed Sattaralt,
annexed Scinde, tithed Owalior, and now occupies
the Panjanb, and insisting on the morality of that
policy which has disregarded the rights of Hiodoo
succession, and now threatens the extinction of the
royal hones ef Delhi ; always, however, in the sweet-
ness of pietism, and as if it was advocating its old
cause of religion and Christianity, instead of its
modern clientery of bloodshed and violence. Now,
the legitimate oonseqnence of these wars, this expan-
sion of territory, and this disregard of native right,
has been financial embarrassment, additional loans,
mid suspension of public works. Hence when the
Slitter arid noise of this policy is over, and people at
Was begin to count up its cost and to be uneasy at the
setameas military expenditure and the yearly deficit
of the Indian government, the authorities there are
very anxious to persuade the public that their fears are
unnecessary, and that things are sot half so bad as, on
their own showing to: parliament, they appear to be.
This anxiety finds vent in the Friend ef India, in the
siticle we commenced by referring to. Let us, then,
see what it is they say.
In the first place, they inform us " that from the
mode in which these accounts are presented to parlia-
mat, it is difficult to ascertain what is the extol
whim of the finances of this empire." Bat for that
msdle" the government of India are responsible;'
aid if they do make up accounts that deceive the'
legislature, they are not entitled, when the delusion
is adverse to the credit of their rule, to deny their
aeouracy. Bat these accounts, though in some details
very defective, and discreditably distant in the period
to which they are annually brought down, are plain,
simple, and honest in their general results and sum-
mary; and it is because they are so, that this attempt
is made to suggest that they do not exhibit the actual
state ef the Indian finance.
Take the accounts of the last four years, and from
them it will be ascertained that in 1845.6 there was a
deficit of 1,495.3761.; teat in 1846-7 there was a de-
ficit of 971,2021.; in 1847.8, of 1,911,7911. ; of 1848.9
(" partly estimated"), of 2,324,7291. So that in these
four years the expenditure of India, it appears,
exceeded its receipts by the enormous gam of
6,703,3981.
Now that statement, taken from, the returns laid
before parliament, is either correct or incorrect. But
fts isensuracy is not to be established by the Friend
gfigilia pointing out how the gross revenues of India
nearly tooth 25,000,0001., whilst its net revenues are
rely 20,000,0001.; for it Is in spite of, and notwith-
standing the frightful per oentage (25 per cent.) for
lisramtedeollectioe, indicated by this luaus between
trees end set revenue, that this dent has occurred.
711sd if it be correct, it is not a fact to be explained
sway, as that journal attempts to do, by future anti-
=eurplek it is one for the mast serious
• n of parliament when the Charter next re-
selves its attenefou; for sines the last Muter Act the
pars of surplus from ordinary revenue have been the
afaliitiog, the year of deficit the rale of Indian

This deficit is the result of wars; we are now at
pease; it will, therefore, argues oar Serampore con-
temporary, disappear. On this, we first remark, that
sines October, 1848, war hoe been the chronic com-
plaint of India; that within that period we have re-
ipeatedly iseagratulated ourselves on the restoration of
• t peace, and have as repeatedly been disiip-
poiated ; and that with an ambitions power, having
real remeasibility to publio elision and its governing
elms pecuniarily interested in hostilities, cm the one
aide. and a mug of weak, attractive, and dissederly
states on the other. it is the tendency of war to beget
war : Isaac* we have smalloonfideacein that prolonga-
tion
of peace in India on which this hope of surplus
rests. Bat, in the second place, the present temporary
peace of India has produced few of the advantages of
pesos. The army is still 300,000 strong ; we hear
nothing of its reduction; the Governor-deneral is f'r
away from the seat of government, where, of course,'
reforms can only be perfected—we beer little of his
return to the MOTS useful occupation of his high and
onerous duties, and we know that his absence is a
very serious addition to the heavy coat of his office,
and that his progress through is very apt to disturb
the industry of the provinces. And, in the third
place, it appear* to be a mistake to suppose that
deficit in the Indian finances has been wholly mused
by extraordinary war charges. For, while the
deficit for 1848-9 is put down at 2,824,711 K,
the extraordiaary am charges_ eldi mewls&
1,0011,00111. 8s than eves deducting thaw war
charges from the total deficit, there would
still be an =MN of expenditure of 1,322,7291. over
revenues. Now, this, we say, is unplearant; it may
not be partitively alarming, but it is very disagrees-
ble. With such a balance against us at home we
should be getting uneasy, and make the CnitNcaLLOß
of the EXCHEQUEZ very miserable. The lodise
authorities, however, treat it as a bagatelle ; and has-
instructed the Friend of India to say, with all
gravity that distinguished, that print, that it is
deficit at all—not worth thinking about. Nay, b.
the aid of a few private fiAurts from the Treasury,
that journal has converted a largo deficit into a specu-
lative surplus.
On looking at these accounts, we also found ,
whilst expenditure had in the last three years
creased by nearly half a million, the ordinary recent
of India had fallen off by about a million. The
dian charges in 1846-7 were 16,557,6871. ; in 184b-
they had risen to 17,004,4311.; increase of charges
446,7441. In 1846-7, the lonian rerennes were
18,653,0301. ; in 1848-9, 17,692,5631. ; decrease o
revenue, 960,4371. From this state cf things tt
inference seemed natural that the pressure of taxation
was bearing too heavily on the sources of revenue
and that inference we drew. It is, however, e
the Friend of India, incorrect, became the recent
derived from the land and from the suit r
opium monopolies have, in the last four years,
creased by nearly half a million sterling. But '
Increase (however satisfactory in and by itselt), r.
not affect the conclusion we had drawn ; ra her,
renders it more serious; for if it is, in spite of
increase from three sources of half a million, that
total revenues from all sources have declined near
one million, the aspect of the revenues is worse'
we had supposed.
But mark what two of the sources of increasit
revenue are—the salt and the opium monopolies
the one depriving the people of India of a sufficiency
of the only cheap and healthful condiment they
to their simple food; the other demoralising the
lation of China, and endangering the stability of;
with that empire. Small comfort in revenue
creasing from such quarters; for these monopolies
must, it is certain, sooner or later disappear before
the progress of humanity.
'We also remarked, as another bad feature in
accounts lai I before parliament, that whilst expendl.
tore was increasing and revenue diminishing, the cost
of collection was augmenting; hence we supposed
that the latter fact rose from greater pressure having
been applied to the collection of the land assessment
To this the Itinadaf India implies, that, as it
possible to ascertain correctly to what class the
crease is to be ascribed, so it is impossible to des,
safe conclusion from it. Perhaps so ; but who'
did was, not to draw a positive conclusion, b.
raise a reasonable supposition; and that supposit
remains as reasonable now as it did then, and
continue until the actual causes of the increase
place it.
And lastly, the Friend of Indira denies that
finance of that country are, u we said, goin;
from bad to worse. To this denial we can c
again oppose the progress of the deficit for the
'four years, and it we repeat :
18456
1848-7
1847 8
1818 9

This looks at least like going on from bad to
It is quite, however, possible that this year then'
bee small surplus. But why? Because opiw
',hided one million sterling more than it d
1848-9. That, however, is purely accidental;
Indian treasury can't depend on the maintenance
that increase ; the rains may fall and the winds b'
or the Emperor of CHINA may repress the bad
in 1831, and the produce from opium in that ye;
then be a million leas instead of more than it
1848.9. It is not therefore safe, much less p.
to rely greatly on opium for setting right the finaw
of ludia.

Those finances may not b 3 in a dant
state; but they are, it is very apparent,
weakly condition. Peace, bringing with it the
pun consequences of peace, will, no doubt, by
and attention, turn the belittle in favour of tt e It.
government. What, in remarking on the last
county, we sought was not to attach the chat,
insolvency to that government, but to make the
of England understand what were the material
pecuniary cons' quences of " war, war, and nothing
bat war," to their fellow subjects of India. And •
we shall endeavour to do until a surplus be the
nary characteristic of the treasury of India.

Cuounts no Jamaica.— Memorials have
drawn up in the City requesting the Colonial Steretery ,
the Lnyde of Admiralty to take immediate measure,
,ending medical men and drugs to Jamaica by the stets
leaving on the tad. The mentorieks lie at the Calumet;
Rooms, Coin Exchange, Stork Exchange, Hall of
meta, North and B.uth American, Jerusalem, Bib
Jamaica Coffee boosts.

MAILS TO ANISICA.—The post-office authoril
have issued a able showing the days on which the Bri
sad United States mail packets are appointed to be
matched from this country during the months of Jane
February, sad March 1851. All information on this
will be bead in ear able of seaborne mails. Appended
the pat-office table um the following instructions '
letters addressed to the United States, and not directed'
otherwise sent, will be transmitted by the first packet,
the Britisher United Stater, which is derpatched after t.
an posted; but letters specially directed "by Brigs.
peeket." "by United States packet," or by any particular
vessel named, will be lorwasded le sometime," with t'
she than expensed by the writers. The British mail
feb the New York line will proceed (as before announced,
Mont Emit Liverpool to New York and from New York to
Lilampeol, without calling at Halifax. Letters and sews-
=however, for Non Sean, New Brunswick, and
Edward Island, may still be forwarded in cloud
malls by these packets, if special addreesed "via New
York," or " via the United States ;" but letters and news
pers not so addressed will be sent is the reveler Mails •
Halifax by the packets proceedieg from Liverpool vi,
Halifax to Boston. The United States mail psekets leaving
Liverpool and Southamptea, as well as the British packets,
will many elated mails for Canada, New Brunswick, Nova
floods, and Prince Edward Island, and letters and news-
papers will be forwarded In such closed malls, if specially
addressed " via New York," et " via the United States."
Letters for Canada, however, must is addition bear
words "by United States packet." The postage upon Is
Mrs and newspapers Is precisely the saw, whether they are
oonveyed by British or United States packets. Letters, dko.
Ice Bermuda and Newfoundland will be forwarded may
by the packets peoneding to Boston; the mails for Bermuda
will be &spanked from Halifax lamedistely after tA
snivel of the packet at that port, and those for Navies
land will be dsspatesherd on the arrival at Halifax of t
Itemewerd packet fro. Huston. Postmasters will beer 5...
dad that all letters to be transmitted by the pativit Ohl*
start frees Boathamptes met be forwarded to L 48698.
oat to latoopeet.

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[THItEEFENGE. , . , .
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'
•at RAILWAYS.' I.
ton-
bat CHRISTMAS DAT. ' i
001- No business is
_going forward in the share market
se- to-day, the Stock Exchange being slimed.
D of t
tap- MONEY MARKET. l.
ring
CHRISTMAS DAT. ,
ling The Stock Exchange, Bank, Royal Exchange, and
one all the public offices, are closed to-day, according to
relY 'i custom, and no business is going forward in the City.
. t
get
. 1171111 DAT ETRNING.
car" Notwithstanding the resolutions passed at the I 4 -
pale meeting of bondholders yesterday, Mexican do- •
rar7 dined. The report was much canvassed, and
se of considerable doubts were raised as to an early
hear division and remittance, and several dissatisfactory
i ter rumours were afloat. As it suits the purposes 4.
1111.' of some who wish to buy in to reduce the
his
and prices, and as many are anxious to realise, it is • • 1
, considered by some that Mexican will still further :
RI •
decline. Spanish was likewise out of favour, the
ffioe,ou rb financial scheme of the minister utterly destroying • '
;hind any lingering hopes which alter the Queen's speech
that might still have been entertained of some immediate I
i . &
measure being adopted for the payment of the bond-
end holders. While the resources of Spain monthly in- 4
• -... . .
the crease there is ultimate hope for the creditors, but : -
?"' soles there is greater vigour upon the par of the •
i 1 .•
`,olll6.llpanish government, and of the foreign ored..ors, time ,
L
well pass and money be raised without any benefit to 1
mold the latter. The following is the official list of business '
over done :- •
may Dutch Two-and-a-Half per Cents., 591. French k I
rsel- Three per Cent. Rentes, 67f. and 58f.; exchange, 1
ewe 251. and 24f. 80c. Mexican Bonds, for the 31st inst., 1
Mi3B 35t, j. Russian Four-and-a-Half per Cents., r
ssLLOR ''i
981, 98, 1. Spanish Active Five per Cents., 171, 18;
l
~ha,,,ve_ the Passive Bonds, 3.4 • the Three per Cents., 401.
' s"' Some surprise has been expressed that the reserve
is no price of the French Minister of Finacce should have
y• by been fixed so high as to preclude the sale of the i 1 sury, . 1
Rentes offered yesterday at Paris. The off rof the
Pea' Company of the Four lite:leen-General for the I
i .1
, Comptoir National, and the parties associo'ed with , .
the', it, was the only tender, and may be considered as re- P.-
la ia• presenting most of the intending investors, very e .
snow small sums
e•
being admitted to the subscription list. This •
he In- *'.
tender was at a fair market price, bat beicg 10 .• . .
848-9
centimesbelow the minister's reserve, was is fueed.llt i. .:•:‘::::•.
lavra is rumoured th4' in pique at a more liberal offer not''',:ti::::.,
'eve, being made, the minis intends to turn the stock
ere ,?' over to the Messrs. Rothschild at his reserved price,
Ket""e but a transaction so unused would scarcely pus with- i. '.0..:•:.:: • .•
..,
cation - `,,,!:::. •; . `,, '
out comment in the chambers. The Meese. Roth- , ..,...•:•••• ''
enne ; 'child were not among the parties tendering, and Al-
- though the minister might offer the Musk at his • •••:••••:•:• s
'••• • :• ' • ••••
enues ,' • • ~ : • • . • ',
and price to those who made a tender, yet he can
'.1.: • • :• :. ,
•scarcely do otherwise at present than upon hie ':r:: ; •
rube" le" own announcement and held another adjud.cation. '.....7•7• ;
It would certainly have been preferable to t. ffer the
~
4 es stock to the receivers-general at the 10 centimes ad-
ihfe,ielliis it Vance than run the risk of a lower offer at the next . 5.:,•; . •
'7:•!:
adjudicatioo.
at this
The East India Company bare this day given , 11-'•
nearly .;
e than
notice that the rate of exchange at which they will
receive cash for bite on Bengal and Madras will,
~,
from the present date and until further notice, be es
easing 2s. Id. per Company's rupee, and for bills on Itombay ' .
)(Ake 2s. 14d.
kit ciency ,
B 7 the recent message of the governor of the state ' have of heath Carolina to the legislature, it appears that
,Pepa- the present debt of the state amounte to 2,061,292 . ,40
.
i Pese° dole., or 429,4001., apportioned as follows: I
u prr cents. issued for the capitol mof the R. It. dots c. , . ..:' .. k i
Dpoe l
li% ,5
Bank 46,714 34 sr i
before
ItoßtlcUltone Randolph
strykl.2.so 00
debt, estimated at
in 6 per onto, 1629, due in 1860 3,726 84
6 per cents 1839 due in 1862 176,426 55 1.. ~
6 per cents. 1839, Fled Lead, benign debt, dlld 14 .>
:
he
noostdhie;
ce
In
1848
471,111 12
ppoeed 6 per cents. 1839, ditto 1868 482,222 21 v..•
having 6 per 6 unto. 1839,n:a Lurk, daemonic, due in
48
2,2 n
smear.
23 '
6 perlBosents. 1839, de.to, due in 1870 326,808 92
is ins-
his in- 2,081,292 81 .
i' 16
draw a Since the adjournment of the previous legislature , •
hat we 173,437 dollars of the domestic, and 23,250 d-Ilars of i
but to the foreign debt has been cancelled by the Bank,
tontion besides 8,750 dollars of the Randolph stock paid by I . .
nd will the Treasury. Thu state income for the year ending •
.... i
Ise din- Sept. 30, 1850, was 600,292 dole. b7c., of which •
. •
313,381 dole. 65c. were from taxes, and 286,911 dohs. ~ ...
tat the 220. from all other sources. The balance in the tree- ' .4.
Ding on sury was 69,428 dole. 45c. Toe net profits of the
n only Bank for the post year, including 95,000 dole., as I' - -• I 1
the last arrears derived from business of former years, was . ..
364,825 dole. 59.:. From this amount there has been
transferred to the sirkisg fund 243,158 dole. 91c.,
•
and been paid 73,4,53 dole. 11c., for interest on the '
debt in Europe, and the balance that the Bank was in .-s-
-advance for interest and expenses-also, the interest ...-4.
) worse, on the Five per Cents. (tire loans), amounting to 1"---
ere may 48,179 dot.. 99c. *
em has Tho aggregate funds of the Dank on the let Dols. c.n
of October, were
r ....z
did i- Frime this deduct lima ha- -,..s
al; the bilitiee, vie.: Issues, in-
ance of eluding 2.50,000 .1..15. for Doh. e. .'
is blow, bills lest
id habit
69.428 46
Mr
/1 Due Banks 268,691 62
car will Due Treasury
was in Dee Depaitore 672,716 79 2,770,934 61.
trident, Leaving the sum of
~..!
&mem as the surplus of funds in bark. I "
The liabilities of the state of North Carolina are , s
i .e •
represented asunder: - e
~n,geirtiouse
500,000 yolabbote.naltroithiteallsetigJhan", 1660 500,000
nil-
11'i'.
. ,
by care read, payable by aluminising of 30,000. dole. on
is
Euro-
UGuuniier,,ani.d,ttp.y,
of bonds of Raleigh and Gaston rail.
1! -.
, an. J 1864
e Indian lit Jan , 1851, 1852, 1863, and.the.residue Ist
last so- 106,500
haige of Eribto.rdsismepsnylbot. Win
ittintait.o:.:lol,selt,tooeiedboklt.,t I
II
a PaaP'a Ist Jan., 1859, 1860, 1661. 1862, and 1863
Tied and Fur stock in the North Carolina railroad, ono
nothing fourth of which is to be issued when the work
ir
shall be Commenced, and the remaining three
I lht led
ordi .
fourths at interval, of sin months thereafter,
that
princ,pal redeemable after thirty years
11.
Other indebtedness
Total amount existing and authorised
„vt,.bee„l The receipts under the amended revenue laws for
4.,74,-1,,-,. the fiscal year just closed were 135,000 dole., and
I steamer the expenditure amounted to 75,000 do r., leaving ..
,rissuretal 60,000 dole. as the estimated annual excess of re-
nt Com- oeipts over the ordinary necessary disbursements to ii e
'We' and be applied annually to the extinguishing of the •
„, states' debts and liabilities. We have seen that the l
Iheri"ell nit British surplus in the treasury, after the payment of the re. ,
t°fib.d. uise
, -g--"----e --demands, will be 80,000 dohs. ; but the in-
'January, creased demand upon it for the year 1851 will be 1
this head 149,000 dots., and for the year 1852, 207,000 dole.,
'ended to so that the state will require for the year 1851, over
eas'7„All,„_, and above the whole amount that may be raised by
ck-nt, „,wh-, the present revenue basis, the sum of 89,000 dot., ,and
soofmlo4B,eriendzlein
favourThese results
e
ylfteArtithisehy and for
t* Ictn2gthed,e "tom
Puniuu,lu treasury balances by the coming in of the deterred
*„ thei„4.,,, taxes imposed on sundry articles. The governor re- I
podesuitipozothf
eautausx
asruyffi. sufficient to meet
• , .
.•
wick, and
r:"°..TodPeo'sureketlO) co
thew inannualeni c te
Item si nin
in closed PUBLIC BALES. iii
'via New
and news
~. By Hews. Fewassorsma sad Co.. at Ouraway's.-A IP i
..4„,,Aptaili„l: freehold sad tithe Iris estate in Lane Preston and Kirkby ,
,-,,r--,.,..,-; 'ldalhamdale, Yorkshire, consisting of two cottages and farm i
r„".„,,,,,,,,,'"•-• buildings, and 873 acres of lend, and 87 " beast gait.," let
Ta"'"--orn.' fur 4661. manuit-B.ld for 11.000/.
'..,* d'ii-ew-:
heir,:
.of
ytheano N:atlso;(47-I,4olretoris-road, Kentish-town,
fa specially An improved rest of 601. 11.., weered for 26 years upon
t"b.ar'"--the'' Cluendoe House. Kensington road-6701.
I
won let- -
------
r they Ana" [Advertiament.]-This rigniuNo Sumas OF
siren. --"' TIOLUMAeII Pala AND Ourrxere is um Coss or Bamewoam use 1 :
~..... 017. pommel! en ems.-A asediesi isslieena welds' at Lista,
u • whew S bad less ewer* Meld with rimprommerigrarde of
der the as sere WWII every mews mu* to son this
/..found. ing.o.4ll.zit west se instants e eheresier that tt YAW=
the 0111•1111 cater 'outdone's. As a leg remmtros, he was tw-
,..11",,..".-;.- seedM le we lielletrafs obumit Sol An *OM medistass baster
--..': eltsbet sal elleisits *lse el Ile& Aiessis4 ime ~ Ind • •
"? which . *I 'MI eel( 0160=6 cutout. gut werLeities
aces, sew dean from till diltad•- I. OXlegglseS ss at Mereor
..,,
' sserenseseent, tin rustle, Leaks . gie
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