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'ABSTRACT OF LETTERS FROM INDIA 1870' [274v] (555/798)
The record is made up of 1 volume (395 folios). It was created in Dec 1869-Dec 1870. It was written in English. The original is part of the British Library: India Office The department of the British Government to which the Government of India reported between 1858 and 1947. The successor to the Court of Directors. Records and Private Papers Documents collected in a private capacity. .
Transcription
This transcription is created automatically. It may contain errors.
540
Directors in London, and the substitution of another
agency
An office of the East India Company and, later, of the British Raj, headed by an agent.
in their
place.
Under the terms of the contract, the Government must, in the
event of purchase, pay the full amount of the shares and capital stock
calculated according to the mean market value in London of such
shares or stock during the three years immediately preceding; but in
lieu thereof, the Government may, during the residue of the term of
99 years, pay an annuity, the rate of interest which shall be used in
calculating such annuity being determined by the average rate of
interest during the preceding two years received in London upon
public obligations of the Indian Government.
Calculations show that, with money at 4^ per cent., we could
afford, at the end of the first period of 25 years, to redeem the capital
at IlOf, or to pay an annuity, in commutation thereof, thoughoutthe
remainder of the term, thus discharging the principal as well as in-
terest. Similarly, with money at 4 per cent, (at about which our
obligations now stand in the London market), we could afford to
redeem the capital at 123f. The railways would thereupon become
the property of Government, to be managed exactly as it chooses, and
the entire surplus profits that may accrue on the more prosperous
lines would pass to the State.
But if, with money at 4 per cent., the railway stock should be
redeemable at 110, the annual saving of charge to the Indian Govern
ment would be 283,000/., taking the total guaranteed capital at
80,000,000/.; and at 115, the saving would be 112,800/. A fair com-
parison should not, however, neglect consideration of the sum that
ought to be put by yearly to redeem the railway guaranteed capital
at the end of the term of the contract, when, if not previously pur
chased, the lines will be surrendered, and the Government will
become liable for the repayment of the full capital subscribed. The
annual sum that, at 4 per cent., must be set aside, on the expiration
of the first 25 years, to make up the principal by the end of the term
of the contract, is 0*225/. for every 100/. of stock, so that the figures
already given as representing the annual saving of charge should in
each case be increased by 180,000/. (taking the railway capital at
80 millions sterling), in order to exhibit the real financial bearings of
the case under the assumptions made.
The stocks of the different Companies are at present quoted from
about 106^ to 114. They may be expected to rise considerably in the
course of the additional 25 years now secured to most of the Com
panies, with this result (the difference in value of an annuity for 74
and 49 years being so small), that money must become very much
cheaper than it now is to admit of this financial operation being p eI *
formed, except at a disadvantage. Calculations, in fact, show that
whilst, with money at 4 per cent., the Government can afford to
redeem the railway capital at the end of the first period of 25 years at
About this item
- Content
Confidential printed abstracts of letters received by the India Office The department of the British Government to which the Government of India reported between 1858 and 1947. The successor to the Court of Directors. from the Government of India, and from senior officials in certain areas outside India, during the year 1870. The letters are dated December 1869-December 1870. The abstracts each have one of the following titles:
- Abstracts of Secret Letters received from India
- Abstracts of Letters received from India
- Abstracts of Military Letters received from India
- Abstracts of Letters received from Zanzibar and Muscat
- Abstracts of Letters received from Aden
- Abstracts of Letters received from Muscat
- Abstracts of Letters received from Bushire [Bushehr]
- Abstracts of Letters received from Aden and Zanzibar
- Abstracts of Letters received from Bushire and Aden
- Abstracts of Letters received from Zanzibar and Aden.
Each abstract contains summaries of one or more letters from the specified source, each with a title giving the subject of the letter. Letters from India are divided within each abstract by the branch or department of the Government of India they originated from. The correspondence covers issues including:
- Pay, pensions, recruitment, and other personnel issues in the Indian Civil and Military establishments
- Public works, including: railways, including a proposed railway from the Mediterranean to the Persian Gulf The historical term used to describe the body of water between the Arabian Peninsula and Iran. ; roads; canals; irrigation; docks; and river embankments
- Revenue, expenditure, and taxation
- Land issues, including: the cultivation of cotton, cinchona, and silk; forestry; and coal mining
- Education
- Banking
- Telegraphy, including international telegraphic links to India
- Affairs concerning Princely States, including internal administration, debts, allowances, issues of succession, investment in railways, and territorial claims
- Issues around emigration from India to British and French colonies
- Legislative and judicial affairs, including the question of jurisdiction over British subjects in the Persian Gulf The historical term used to describe the body of water between the Arabian Peninsula and Iran.
- Military affairs, including the organisation and supply of military units and a proposed naval force for the Indian seas and the Persian Gulf The historical term used to describe the body of water between the Arabian Peninsula and Iran.
- Frontier affairs: relations with tribes on the Northwest and Northeast Frontiers and frontier raids
- Affairs in Persia [Iran], including: Persian claims to sovereignty over Bahrein [Bahrain] and objection to British actions in Bahrein; frontier disputes around Khelat [Kalat], Mekran [Makran], and Seistan [Sistan] and proposed arbitration of the Persian-Afghan border; anticipated food shortages and subsequent disturbances involving British subjects exporting grain from Bushire
- Affairs in the Sultanate of Muscat and Oman, including: the consolidation of and challenges to the rule of Syud Azan [Azzān bin Qays Āl Bū Sa‘īd]; debates around British policy towards Syud Azan; confrontation between Muscat and the Wahabees [Waḥabī movement]; the issue of the Zanzibar subsidy; and Syud Azan’s claims to Bunder Abbas [Bandar-e ‘Abbas], Gwadur [Gwadar], Charbar [Chabahar] and other territories on the Mekran Coast
- Affairs in the Persian Gulf The historical term used to describe the body of water between the Arabian Peninsula and Iran. , including: the campaign of Colonel Lewis Pelly in Bahrein and the installation of Esau bin Ali [‘Īsá bin ‘Alī Āl Khalīfah] as Ruler; trade and shipping in the Gulf; the desire of the Shah of Persia for a naval presence in the Gulf; Dutch and Turkish [Ottoman] activity in the region; and tensions between Bahrein and the Wahabees, including Wahabee inroads in the Guttur peninsula [Qatar]
- Affairs in Affghanistan [Afghanistan], including relations with Bokhara [Emirate of Bukhara] and Russia
- Central Asian affairs, including the Russian advance in the region, trade and communication from India to Central Asia via Cashmere [Kashmir] and Ladak [Ladakh], and affairs in Eastern Turkestan [Xinjiang]
- Affairs in Zanzibar, including the slave trade, relations with Muscat, the death of Syud Majid [Mājid bin Sa‘īd Āl Bū Sa‘īd], and the accession to the throne of Syud Burgash [Barghash bin Sa‘īd Āl Bū Sa‘īd]
- Affairs in and around Aden Settlement, including: relations with neighbouring polities, including Lahej [Laḥij Sultanate], Houshebi [Ḥawshabī Sultanate], Fodtheli [Faḍlī Sultanate], and Kathiree [Kathīrī Sultanate]; the purchase of Little Aden; the defences of Aden; an attack on Hodeida [Al Hudaydah] from Aseer [‘Asir] and the threat to Lahej from the Zaidees [Zaidīs]
- Affairs in the Red Sea, including attempted French, Austrian, Turkish, and Egyptian inroads in the region
- Affairs in Burmah [Burma/Myanmar], Bhootan [Bhutan], and Nipal [Nepal].
The primary correspondents are:
- The Government of India
- The Viceroy and Governor-General of India
- The Resident at Aden
- The Political Resident A senior ranking political representative (equivalent to a Consul General) from the diplomatic corps of the Government of India or one of its subordinate provincial governments, in charge of a Political Residency. in the Persian Gulf The historical term used to describe the body of water between the Arabian Peninsula and Iran.
- The Political Agent A mid-ranking political representative (equivalent to a Consul) from the diplomatic corps of the Government of India or one of its subordinate provincial governments, in charge of a Political Agency. in Muscat
- The Political Agent A mid-ranking political representative (equivalent to a Consul) from the diplomatic corps of the Government of India or one of its subordinate provincial governments, in charge of a Political Agency. in Zanzibar.
- Extent and format
- 1 volume (395 folios)
- Arrangement
The abstracts are arranged in roughly chronological order. A detailed index of subjects, places and people mentioned in the correspondence is included on folios 384-393.
- Physical characteristics
Foliation: the foliation sequence (used for referencing) commences at the first folio with 1, and terminates at the last folio with 395; these numbers are written in pencil, are circled, and are located in the top right corner of the recto The front of a sheet of paper or leaf, often abbreviated to 'r'. side of each folio. The foliation sequence does not include the front and back covers.
Pagination: the file also contains an original printed pagination sequence.
- Written in
- English in Latin script View the complete information for this record
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'ABSTRACT OF LETTERS FROM INDIA 1870' [274v] (555/798), British Library: India Office Records and Private Papers, IOR/L/PS/20/CA10, in Qatar Digital Library <https://www.qdl.qa/archive/81055/vdc_100135113393.0x00009c> [accessed 5 August 2026]
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Copyright: How to use this content
- Reference
- IOR/L/PS/20/CA10
- Title
- 'ABSTRACT OF LETTERS FROM INDIA 1870'
- Pages
- front, back, spine, edge, head, tail, front-i, 1r:116v, 119r:395v, back-i
- Author
- East India Company, the Board of Control, the India Office, or other British Government Department
- Usage terms
- Open Government Licence