§ 14. Mr. HANNONasked the Secretary of State for India, whether, with reference to the issue of £10,000,000 government of India six per cent. bonds advertised on the 20th May, a condition will be attached to this loan to secure that 2390 the whole or a substantial part of it will be expended upon the purchase of material in this country?
§ Mr. BENNNo, Sir. There is a well recognised understanding, which has been adhered to by successive Governments in this country, that in the interests of the people of India purchases on their behalf must be made in the cheapest market from which a satisfactory supply can be obtained.
§ Mr. HANNONDo the Government intend to pursue this policy, and has their attention been drawn to the fact that practically every other Government in the world making loans to a foreign community attaches the condition that a substantial part of the money must be spent in the country granting the loan?
§ Mr. ARTHUR MICHAEL SAMUELDoes the right hon. Gentleman expect that British investors will provide the money if the money is to be used in competition against us?