HL Deb 26 July 1923 vol 54 cc1422-3

Order of the Day for the Second Reading read.

THE SECRETARY OF STATE FOR INDIA (VISCOUNT PEEL)

My Lords, I came before your Lordships last year to move a Bill on similar lines to this one. The purpose of this Bill is to enable the Secretary of State in Council to raise sums not exceeding £15,000,000 for general purposes for the Government of India and sums up to £50,000,000 for capital expenditure on railways and irrigation works. The margin of unexpended borrowing powers is becoming narrow. As regards the general purposes it is reduced to £2,730,000 odd, and as regards productive purposes to about £14,000,000.

Let me say one word on either head. The increase in respect of general purposes is sought for two objects. One is to provide a reserve against emergency, and the other is to convert or replace some of the floating or short term Debt of the Government of India on favourable terms when opportunity presents itself. The increase in borrowing powers for productive purposes is mainly, of course, for railway improvements, and in the next two years following it is expected that about £20,000,000 a year will be spent upon that purpose.

I think it might be of some interest to your Lordships if I gave one figure to show what is being done in the way of improving the railways. Since the introduction of the Bill last year the work of improving the railways has been carried on very vigorously, and during the current year it is hoped to devote no lees than twelve crores of rupees to the provision of rolling stock, seven crores to the rebuilding of station yards and other works of that kind, and three and a half crores to doubling and quadrupling lines and strengthening bridges. The work of electrification has begun on the great Indian Peninsula Railway and its suburban branches, and in connection with the Bombay section of the Bombay, Baroda and Central Indian Railway. Much will be done in that way to relieve the congestion in Bombay and to enable the city workers to live further out. Further than that, it will, of course, produce additional revenue for the railways and it is satisfactory to note, as bearing on the future productivity of the railways, that on the whole the working expenses in 1922 have been reduced and we expect a further decline this year; so that I hope the position of the railways in time to come will not be unsatisfactory. I beg to move.

Moved, That the Bill be now read 2a.—(Viscount Peel.)

On Question, Bill read 2a: Committee negatived.