The Marquis of Hastings Summary of the operations in India; with their results: from the 30 April 1814 to the 31 Jan. 1823

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1824 Excerpt: ...cannot be practised towards a whole community. The very term necessarily implies, extorting from some, that which their necessities alone enable the party lending to extract, while others are treated with on a more favourable footing. 223. But the rule of William Palmer and Co.'s banking transactions was universal, extending to every constituent of their house, and guiding their conduct in every banking transaction, with the community of Hyderabad and throughout the territories of the Nizam. The only difference existing in their loan transactions was occasioned by a variance in the security, or the scarcity or abundance of money in the market. The highest rate on which they ever made advances, was the lowest ever known in Hyderabad till their establishment; and their ordinary transactions lower than that of the other banking houses of Hyderabad. 224. It may be urged as an argument against them, that they charged the government of the country nearly as large a rate of interest including the bonus, as they charged to private individuals. 225. It may be doubted whether the security of the latter may not be in all, or most cases, more easily available; and a private debt with the assistance of the Minister and the countenance of the British Government of India, would certainly be more easily recovered at Hyderabad, than that debt, which is due to your Memorialist and his partners, from the Minister on behalf of the Government of the Nizam; so long as the British Government shall continue their disapprobation of its repayment, so long is your Memorialist not only without security, but without the remotest chance of obtaining it. 226. But in fact the loan required was to an extent (as before stated) previously unknown, and almost unheard of in Hyderabad, and the ...