§ MR. COHEN (Islington, E.)Will the Secretary for India inform the House what has been the result of the conversion of the Four per Cent. Indian Rupee Loan?
§ MR. H. H. FOWLEROn the 30th of June last the Secretary of State sanctioned the compulsory conversion of the 1842–43 Four per Cents, into Three-and-a-Half per Cents., and at the same time, gave holders of the other rupee loans the option of a similar conversion. The amount of the 1842–43 loan was 2,732 lakhs of rupees. Of these, according to a telegram from India, 2,459 lakhs have been actually converted, and 61 lakhs more have been deposited for conversion, the owners being at present unable by reason of absence to give the formal signature required. This leaves a balance of only 212 lakhs unconverted, but more than half of this is in the country treasuries, from which full returns of the conversion have not yet been received. The other Four per Cent. Rupee Loans amounted to about 6,777 lakhs, of which 1,326 lakhs have already been tendered for conversion. Thus, the total amount of Four per Cent. Rupee Debt tendered for conversion is 3,946 lakhs out of 9,509 lakhs, or more than two-fifths of the whole. I hope the 1585 House will think this — as indeed the Indian Government hold it to be—a most successful result.