§ SIR D. MACFARLANE (Argyllshire)I beg to ask the Under Secretary of State for India if the Secretary of State had exhausted the borrowing power recently granted to the extent of £10,000,000 before he decided to disregard the wishes of the Government of India, and to sell drafts at a rate below that agreed upon?
*MR. GEORGE RUSSELLNo. The power to borrow £10,000,000 was granted by Parliament because it was necessary to enable the Secretary of State in Council to meet any liabilities that might fall upon him in this country; not for the purpose of supporting the plan of refusing to sell bills below a certain rate.
§ SIR D. MACFARLANEMay I ask what amount has been borrowed?
§ SIR D. MACFARLANEMay I further ask if this action of the Secretary of State was taken with the concurrence of the Government of India or in spite of its remonstrance?
MR. GEORGE RUSSELLI believe my right hon. Friend the Chancellor of the Exchequer is going to make a statement with regard to Indian finance at the end of questions, and I would rather not make any answer before he does so.