§ MR. BUCHANAN (Perthshire, E.)
I beg to ask the Secretary of State for India what is the amount of the new Indian Loan, and for what purpose is it being raised.
§ MR. BRODRICK
I understand that the Question refers to the Bill of which notice was recently given. The object of the Bill is to enable money to be borrowed, and stock to be created, for railway purposes. There is no intention of borrowing money in the present year under the authority proposed to be given by the Bill, although it is necessary to secure the early passage of the Bill in order to complete certain arrangements. 702 In accordance with past practice, the amount of borrowing power named in the Bill is sufficient to meet the requirements of the Government of India for some considerable period; and the power will be used only as it is required. The sum named is £20,000,000.