§ MR. MUNRO FERGUSON (Leith, &c.)I beg to ask the Under Secretary of 1466 State for India whether it is intended to renew the system in practice before February, 1885, under which the Government of India converted Railway Annuities into India Three per Cent. Stock, it being at that time temporarily suspended with the understanding that it would be renewed after 1888; and whether the advantages of that operation to the Government of India were considerable?
§ THE UNDER SECRETARY OF STATE FOR INDIA (Sir J. GORST, Chatham)There is no present intention of renewing the offer to holders of Indian Railway Annuities to convert them into India Three per Cent. Stock. When the practice was suspended there was no undertaking that it would be renewed at any particular time, though the Secretary of State in Council may, perhaps, renew it if he should think fit. The direct advantages to the Government from, the operation were considerable. In 1888, however, Parliament authorised the creation of a limited amount of India Stock in connection with the construction of railways by the agency of companies; and under this power a certain amount of Stock has been annually issued on public tender. It is not desirable to be offering Stock to the market in two different ways at the same time.