§ Order of the Day for the Second Reading read.
§ THE UNDER-SECRETARY OF STATE FOR INDIA (The Marquess of BATH)My Lords, in moving the Second Reading of this Bill perhaps I ought to explain to your Lordships the purport of it. It gives power to the Secretary of State to borrow £20,000,000, which, of course, will not be used all at one time. The practice has been to give to the Secretary of State in Council borrowing powers sufficient to enable him to borrow, as he requires, for some time ahead, without having to apply to Parliament on every occasion. The purposes towards which the powers given in this Bill will be used are, first, for the purchase of the Bombay and Baroda Railway Company, with regard to which 904 the Secretary of State is exercising his right of purchase, and which will cost nearly £12,000,000. Besides that, the powers will be used in the direction of establishing new railways, that system having proved of great value in India, and also towards the improvement of existing railways, towards the discharge of bonds, and towards the payments which the Secretary of State in Council has to make on taking over the railways over which he exercises his rights. I beg to move that the Bill be read a second time.
Standing Order No. XXXIX, having been suspended, Bill read 2a (The Marquess of Bath); Committee negatived; Bill read 3*, and passed.