§ MR. CRAWFORDsaid, it appeared from one portion of Mr. Massey's statement that a sum of £2,000,000 was required to be raised. In another part of the statement Mr. Massey seemed to intimate that £3,000,000 would be required. It would be satisfactory if the right hon. Gentleman the Secretary of State for India could state for what amount the Indian loan was to be taken?
§ SIR STAFFORD NORTHCOTEIt would appear that in the early part of Mr. Massey's statement he informed the Council of India that he proposed to raise a sum of £700,000 for irrigation works, and certain other sums for local purposes. He mentioned that he had raised £600,000 for special works in Bombay. He stated that the sum he altogether proposed to raise would be about £2,000,000, and I apprehend that Mr. Massey included in the £2,000,000 the £600,000. What he said he has already raised confirmed that opinion. He stated that he had invited loans for £1,500,000, and that he had received £1,400,000; and therefore I suppose that nearly all he intended to raise has been raised. There was besides a sum of £1,000,000, which Mr. Massey proposed to borrow to complete the barracks; but that had been already raised in this country. In the winter, before the statement was received, the Government of India informed the Government here that it would require to raise £1,000,000 for expenditure on barracks. The Government at home said they would reduce the drafts on India from £7,000,000, as originally contemplated, to £6,000,000, and provide by the sale of stock for the additional £1,000,000. Accordingly the Government of India at home sold stock to the amount of £1,000,000 and were in a position to reduce, as they had promised, the drafts by £1,000,000. Mr. Massey took that into consideration when he said that he would transfer £1,000,000 of what he had to raise to the loan accounts; and, in my opinion, no more money will have to be raised.