§ 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 RUSSELL
No. 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. MACFARLANE
May 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 RUSSELL
I 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.