£100
INDIAN FINANCE: an important letter on the Indian finance from Edward Law, Earl of Ellenborough, President of the Board of Control for India, 1828-1830, dated April 19th 1829, addressed to J C Herries offering him 'a sort of Chancellor of the Exchequer' due to the fact that 'our Indian finances are in a bad state, & very much require your experienced hand to bring them round'. Ellenborough identifies the problem, 'India cannot pay its way' and suggests a solution, 'we cannot increase the revenue until we can diminish taxation, and by diminishing taxation enable the people to acquire wealth'. His conclusion, though ignored by future administrations, is a testament to the clarity of his logic; 'there can be no very profitable commerce with a pauper people'. 4pp with light folds, VG. (1)
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