Note 106 — Chapter IX
Reading edition
The Debt of India.—“The public debt of India has expanded very considerably of late years. In 1840 it was £34,484,997; in 1841, £35,922,127; 1842, £38,404,473; 1843, £40,478,640; 1844, £41,833,451; 1845, £43,502,750; 1846, £43,891,849; 1847, £46,884,225; 1848, £48,757,213; 1849, £51,050,512; 1850, £53,934,768; 1851, £55,099,315; 1852, £55,114,693; 1853, £56,233,686. During several of the foregoing years wars of more or less magnitude prevailed. In 1854 the debt was reduced to £53,683,468; but it rose in 1855 to £55,531,120, and in 1856 to £57,764,239; then came the Indian Mutiny. In April, 1857, the debt was £59,461,969; but by April, 1858, it had risen to £69,473,484. In April, 1859, it was £81,171,308; April, 1860, 98,107,460; in April, 1861, £101,877,081; April, 1862, £107,514,159. By April, 1863, it had fallen to £104,495,235; April, 1864, to £98,518,145; April, 1865, to £98,477,555. During 1866 and 1867 there has been some increase of the debt, making it about £100,000,000. The charge for interest in 1840 was £1,595,778. In 1845 it had risen to £2,009,039; in 1850, to £2,558,939; in 1855, it had fallen to £2,189,433; in 1860, it had risen to £3,889,191; in 1865, to £4,482,385. The increased charge for interest in 1865, over that for 1860, was £593,194, whilst the increase of capital was only £370,095, thus showing that India pays a higher rate of interest on her loans than formerly.”—Times, 28th of August, 1867.