MR. Y1CARY GIBBS (Herts, St. Albans)I beg to ask the Under Secretary of State for India whether his attention has been drawn to the fact that it was stated in Renter's telegram of the 20th March that the Indian Government was about to issue a loan for three crores of rupees to be raised in India, and that the amount of the Council bills for the financial year 1893–4 would be £18,700,000; whether he is aware that there was no quotation for bar silver in the London bullion market on the day on which the aforesaid telegram appeared; and whether he will call the attention of the Indian Government to the above coincidence?
§ THE UNDER SECRETARY OF STATE FOR INDIA (Mr. G. W. RUSSELL,) North BedsYes, Sir; but it should be added that the Budget contemplates a loan in England of £ 1,300,000 in order to discharge railway debentures falling-due in 1893–4; and that the increase of £1,700,000 in the Council bills to be sold in 1893–4 is caused by the fact that the net withdrawals from the cash balance by guaranteed Railway Companies are expected to exceed by £1,726,300 the net amount withdrawn by them in the current year. The answer to the second part of the hon. Member's question is "Yes." The Secretary of State has no doubt that the Government of India are aware of the facts referred to.
§ MR. GOSCHEN (St. George's, Hanover Square)Can the hon. Gentleman say when the Report of Lord Herschell's Committee is likely to be before the House?
§ MR. G. RUSSELLI continue to make inquiries, but receive no intimation as to the probable date.
§ SIR H. MEYSEY-THOMPSON (Stafford, Handsworth)Did I understand aright that the Indian Government propose to raise a loan of three crores of rupees?
§ MR. G. RUSSELLYes, Sir.
§ SIR H. MEYSEY-THOMPSONAnd is the loan to be applied to what is considered capital expenditure, or will any part be applied to payments usually paid out of current taxation, during the present or coming financial year?
§ MR. G. RUSSELLI shall be obliged if my hon. Friend will give notice of that question.