153 



to find the present value of land in India in relation 

 to money. 



Land in India is worth, in these circumstances, 

 just eight years and four months' purchase ; and if 

 we allow an increase of about two years, in consid- 

 eration of the greater security of property, attach- 

 ment to ancient rights in the soil, &c., and looking* 

 at the question as one concerning- so vast an area, 

 we cannot do more, it will give ten years' purchase, 

 as the exact value of landed property in India. 

 And that this is correct, moreover, there can be no 

 doubt. The share of the State has been offered for 

 sale by Government, at fifteen years' purchase in the 

 Collectorate of Calcutta, the place of all others where 

 land might be supposed to have the highest value, 

 and at ten years' purchase in Chittagong. In both 

 cases it has been declined. 



Now, the British Government can borrow money 

 in India at 5 per cent, per annum, and in England, 

 on the security of the Crown, at 4 or even 3 per 

 cent, per annum. With reason, then, Her Majesty's 

 Government say, ( rve cannot afford to sell the share 

 of the Community under, at least, twenty-five years' 

 purchase.' But, with equal reason, the people of 

 India say, 4 we cannot afford to buy, above, at most, 

 ten years' purchase.' And the most embarrassing 

 feature in the case is that both are right. How, 

 then, can an agreement be come to how are the 

 terms of a bargain, in which the standard of exchange 

 has a separate value on either side, to be equalized ? 



