§ Colonel YATEasked the Financial Secretary to the War Office, as representing the Secretary of State for India, whether any commission, brokerage, or other payment has been made from Indian revenues to any firm or firms for the flotation of Indian loans; and, if so, what were the amounts of such payments to each firm for each year since 1908?
§ Mr. HAROLD BAKERsupplied the following particulars:—
Year. Amount of Loan. Payment of one-eighth per cent. To brokers and bankers on allotments in respect of applications bearing their stamp(seeNoteA). Payment at one-eighth per cent. to brokers for arranging underwriting (see Note B). Underwriting commission at one per cent. (see Note C). £ £ £ £ 1908 … … 5,000,000 (India Stock) … 6,175 — — 1909 … … 7,500,000 (India Stock) … 9,168 9,375 75,000 1910 … … 7,500,000 (India Stock) … 9,123 9,375 75,000 1910 … … 4,000,000 (India Bonds) … 5,000 — — 1911 … … 3,500,000 (India Stock) … 4,300 4,375 35,000 1912 … … 3,000,000 (India Stock) … 3,593 3,750 30,000 NOTE A.—These payments are made by the Bank of England in the same manner as similar payments in connection with other loans issued through the Bank. The names of the recipients are not communicated to the Secretary of State. NOTE B.—The underwriting was arranged in each case by Messrs. R. Nivison and Company and Messrs. Mullens Marshall and Company, who each received half the remuneration. NOTE C.—The commission was issued to the firms that arranged the underwriting (see Note B) and was paid by them to the underwriters, but, in accordance with the practice that is followed when similar loans, such as those of Colonial Governments, are underwritten, the names of the underwriters were not communicated to the Secretary of State.