19世紀中葉期イギリスの対インド鉄道投資政策 : 旧元利保証制度の展開と撤廃をめぐって
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概要
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The purpose of this article is to make clear the development process of 'the Old Guaranteed System' and the characteristics of the government policies as to the investment in the Indian Railways, from a view of the contrary relations between the expansion of the investment and the protection of the finances of India. Some conclusions are as follows. (1) Lord Dalhousie's minute was the plan for the government policy to construct the trunk lines based on 'the System', and at the same time, included the contradiction inherent in 'the System'. This contradiction, in the 1850's, didn't expand because of the financial stringency of the East India Company and the Dual Governmental System, but by the depression of 1857 and the Mutiny, Select Committee on the Indian Railways (Delays) not only authorized the Guarantee as the permanent system necessary for the investment in the Indian Railways, from the view of the extrication from the depression and the reorganization of the Governmental Structure, but got rid of the limit of the disbursement from the treasury, and so 'the System' was established, its contradiction was to be expanded. (2) The second Derby Conservative Government, according to the recommendation of the Committee, carried out the policy of expanding the investment positively, and so they were required to improve on the method of the guarantee. The second Palmerston Liberal Government limited the construction to the prearranged trunk lines in order to balance the finances of India, but they were forced to construct the lines by the governmental loan, which exposes the limit of the policy in the Indian Railways. As the result, the improvement of 'the System' was practised according to the demands from the Government of India. But the financial burdens were still increasing after improvement policies, because the railway companies had a tendency to acquire only the interest by the over-capitalizations and the British Government tended to protect the railway companies. (3) The third Derby Conservative Government extended the interest contract to the subsidy railway companies, which caused the controversy between the British Government and the Indian about the plan to reform 'the System' radically. The first Disraeli Conservative Government's protective policy for the railway companies and London Capital Market brought the Government of India to have a mind to abolish 'the System'. In March 1869, as the Government of India sent the minute of Lawrence as an ultimatum to the first Gladstone Liberal Government, the latter decided to abolish 'the System' in connection with the trunk lines from a view-point of the Conservation of the Government of India and the financial equilibrium, while admitting to continue 'the System' only as to the branch lines for the railway companies and the investors.
- 政治経済学・経済史学会の論文
- 1985-01-20