§ Mr. TOUCHEasked the Undersecretary of State for India what is the cash balance held by the Secretary of State for India in London apart from the gold standard reserve, and what are the immediate requirements in respect of such balance; how much of the cash balance is lent on security and how much without security; how much to banks and how much to other approved borrowers, and at what rate; and can he give the names of the approved borrowers?
§ Mr. MONTAGUThe cash balance held by the Secretary of State for India in London (apart from the gold standard reserve) on the evening of the 6th inst. was £17,568,485. The Estimates for 1912–13 provide for the discharge during the remainder of the financial year of debt (India Sterling Bills, India Bonds, and Indian Railway Debentures) amounting to £5,477,600, in addition to the usual expenditure (with the nature of which the hon. Member is, no doubt, familiar) on Revenue and Capital Account, and anticipate that, by the end of the financial year, the cash758W balance will have been reduced to £6,721,849. The balance of £17,568,485 on 6th May was held as follows:—
£6,915,000 deposited with seven banks without security.
£10,100,000 lent on security to approved borrowers.
£553,485 held on current account at the Bank of England.
The rates of interest varied from 2½ per cent, to 3½ per cent, per annum, according to the period of the deposit or loan. The Secretary of State does not consider it desirable to publish the names of the approved borrowers.