§ MR. OTWAYsaid, he would beg to ask the President of the Board of Control whether any instructions had been sent to the Governor General of India, or whether any communications had passed between the home authorities and the Governor General of India with reference to the opening of a new Government loan in India bearing interest at the rate of 5 per cent per annum? If his right hon. Friend had perused the late despatches from India, he (Mr. Otway) should like to be informed whether it was intended to devote any portion of the new loan to public works, and also whether there would be any guarantee of the rate of interest for a term of years?
MR. VERNON SMITHsaid, a communication had been sent to him from the Governor General of India with respect to the £5 per cent loan. That interest would be guaranteed for fifteen years. The loan would be applied in the usual way, and part of it, therefore, would, of course, be devoted to public works.