Mr. Fowler on Thursday made a striking speech at a
dinner given to Lord Sandhurst, the new Governor of Bombay, which appears to have been reported only in the Times. He repudiated strongly the idea that England would ever give up India, declared that the people were becoming even more sensible of their duty to their great depend- ency, and disputed with warmth the pessimistic view even as to Indian finance. To talk of bankruptcy was folly, for the assets of the Indian Government in the shape of railways and irrigation works were worth one hundred and eighty-five millions, while the entire debt of India was only two hundred and twenty-one millions, the uncovered Debt being, in fact, under forty millions, or say, roughly eight months' revenue. They had a grave difficulty to face in the fall of silver, but if the rupee had remained at par, the surplus would be nine millions sterling. He believed they would sur- mount the financial difficulty as they had surmounted others. We have spent hundreds of millions on a gigantic system of roads, railways, canals, and bridges, and yet within the last few months ninety-five millions of debt, at 4 per cent., have been converted into 34 per cent. stock. He believed the duty of England was to continue securing individual liberty, security, and prosperity in India. It is most expedient that this side of the Indian problem should be represented, but Mr. Fowler must not forget that the assets he talks of are not only not liquid, but may be irreparably damaged in a week of sueoeoefla iusarrection,
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