Northern Times.
Liverpool, Merseyside, England, 1859-04-12 00:00:00

THE SORTHERN TIMES, TUESDAY, APP L 12 1F59

INDIAN FINANCE.

On Saturday morning, copies were issued of a financial
despatch from India, dated Feb. 22, and of a financial
despatch to India, dated the 31st ult. The latter is as
follows :

"1. From your despatch dated Feb. 22, 1859, No. 28,
and the notification issued on Feb. 21, which accompanies
it, her Majesty's government observe that you have now
brought forward another financial measure, viz., a loan of
five crores, at an interest of 51 per cent., to which subscrip-
tions may be paid, half in cash and half in five per cent.
paper, the same to be opened on the Ist May proximo ; and
that you have also resolved that, in place of the issue of
Treasury bills, on the terms previously notified, a new issue
of those bills will take place from the Ist May next, bearing
interest at the rate of 21 pies per cent. per diem.

"2. If the measure of a Five-and-a-Half per Cent. Loan
be unsuccessful, you have intimated that you will request
her Majesty's Government to supply the deficiency from
England.

"3. The amount of your loan for 1859-60 has been fixed
at five crores, exclusive of the sum that may be realised
from Treasury bills, and your requirement from the date of
your communication, sth Feb., 1859, to 30th April, 1860,
in excess of the revenue receipts, is estimated at about 111
crores, including payments in India on account of rail-
ways, but independent of any sums which may have to
be paid within the year on account of prize money, or
of compensation for losses sustained in the mutiny. But
this requirement of 111 crorcs is based on the supposition
that 12 crores' will be held in cash balance on Ist May,
1860, an amount which you consider may possibly be reduced
by two crorcs, in the event of tranquility being maintained.
Assuming that you will be able to dispense with a larger
cash balance than 11 crores, and that the increased customs
and stamp duties should realise, as estimated, within the
year, an additional revenue of one crore, your requirement
will be reduced to 91 crores, of which you hope to raise
five in India, independently of any amount which may be bor-
rowed previous to 30th April next, or which may be
raised subsequently in treasury bilis, or by cash paid into
the Five per Cent. Loan by English holders of loan property
under the arrangement of which you were apprised by my
despatch dated the 9th instant, No. 20.

"4. Under the circumstances of the present-emergency,
her Majesty's government cannot hesitate to support you
with remittances to the full extent which may be called for,
though comlliance with your requisition compels them to
apply to Parliament for farther borrowing powers.
"5. My despatch, dated the 16th March, apprised you
that a second million of bullion would be immediately re-
mitted, so as to arrive, if possible, in the course of the
month of May, and that, if indispensable, a third million
would be despatched. With reference to the notification
you have now issued, her Majesty government will take
measures for the supply of the third million without waiting
for any further communication from you, and they will also
be prepared to supply any sum which you may fail to raise
by your loan operations in India.

"6. In the event of your finding that your estimated
receipt from loan in India
.is not likely to be realised, her

tn prompt

and early information of the same,

imate

the Indian

receipts and charges for 1860-61 may be prepared as soon as
practicable, and that the same be transmitted at such a date
as will ensure its being received here by the Ist January

" 8. Large as is the immediate deficiency of ways and
means in the present year, it is satisfactory to find, from the
regular estimate of the year 1858-59 just closing, that the
aggregate receipts, notwithstanding the unparalleled crisis
through which India has just passed, are fully sustained
on comparison with former years. Her Majesty's go-
vernment admit the exceptional nature of this crisis

and viewing the present embarrassments as resulting
solely from the extraordinary military expenditure which
has been necessitated, they fully rely on your so carrying
out the intention expressed in your notification of the 21st
Feb., of effecting 'reductions in the present enormous
war charges as early and to as great an extent as may be
safe,' as to ensure that the restoration of peace and quietude,
now, I trust, almost realised, shall speedily have its natural
effect on the government finances.

"9. In all well-devised measures, having this object in
view, you may rely on receiving the Cordial support of her
Majesty's government."