§ MR. BUCHANAN (Edinburgh, W.)asked the Under Secretary of State for India, Whether he intends to proceed with the East India Railways (Loans) Bill; if so, whether he will state on what Railways the Indian Government intend to spend the money borrowed; and, what is the amount of unexpended borrowing power under previous Acts at present in the hands of the Secretary of State in Council?
§ THE UNDER SECRETARY (Mr. STAFFORD HOWARD) (Gloucester, Thornbury)No, Sir; it is not intended to proceed with the East India Railways (Loan) Bill. The money which it is proposed to take powers to borrow under the 1487 Bill would not be spent directly by the Indian Government. Large sums have been raised from time to time by Guaranteed Companies on Bonds or Debentures for the purpose of constructing, extending, and equipping railways in India; and the Secretary of State is advised that the charge on the Revenues of India would be less if such moneys were in future raised by him directly, and lent to the respective Companies. The object of the Bill was to enable him to raise money accordingly, its application being limited to this specific purpose, and to the discharge of Debentures already issued by Companies. The amount of unexpended borrowing power under previous Acts, at present in the hands of the Secretary of State in Council, is about £7,500,000; but it was never intended by Parliament that this money should be devoted to the purposes contemplated in the Bill.