§ Mr. DENMANasked the Under-Secretary of State for India if he will state what loans have been issued by the India Office in 1906 and subsequent years and at what price; the rates of interest on stock and of discount on India bills; the name or names of the bank or banks through which the issues were made, and of the brokers by whom the underwriting was arranged; and the rates of remuneration to the bank or banks and the brokers and of underwriting commission?
§ Mr. HAROLD BAKERThe following statement gives the information for which my hon. Friend asks:—
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INDIAN GOVERNMENT STERLING LOANS ISSUED SINCE 1905. Date of Issue. Amount. Nature of Loan. Price of Issue. Rates of Interest per cent. or average Discount on Bills (rate per annum). Names of Banks through whom issued. Brokers by whom underwriting arranged (if any). Rates of Remuneration To Banks. To Brokers. For Underwriting and arranging. £ £ s. d. Per million. May, 1906 2,000,000 India Stock By tender 94½ minimum, £91 16s. 5d. average price 3 0 0 Bank of England — £625 ⅛ p.c. Nil. May, 1907 3,500,000 India Stock 98½ 3 10 0 Bank of England — £1,250 ⅛ p.c. Nil. October, 1907 1,000,000 India Bills (6 months) — 4 3 3 Bank of England — £200 Nil. Nil. January, 1908 5,000,000 India Stock 99 3 10 0 Bank of England — £1,250 ⅛ p.c. Nil. April, 1908 1,000,000 India Bills (12 months). To replace Bills maturing April, 1908 — 3 4 2.4 Bank of England — £200 Nil. Nil. June, 1908 2,500,000 India Bills (12 months) — 2 16 2.33 Bank of England — £200 Nil. Nil. December, 1908 2,500,000 India Bills (12 months) — 2 18 7.75 Bank of England — £200 Nil. Nil. February, 1909 7,500,000 India Stock 97 3 10 0 Bank of England Messrs. R. Nivison & Co., and Messrs. Mullins, Marshall & Co. £1,250 ⅛ p.c. 1⅛ p.c.* April, 1909 1,000,000 India Bills (12 mouths). To replace Bills maturing April, 1909 — 2 3 11.68 Bank of England — £200 Nil. Nil. June, 1909 2,500,000 India Bills (12 months). To replace Bills maturing June, 1909 — 3 1 11.43 Bank of England — £200 Nil. Nil. December, 1909 2,500,000 India Bills (12 months). To replace Bills maturing December, 1909 — 3 3 10.29 Bank of England — £200 Nil. Nil. January, 1910 7,500,000 India Stock 96½ 3 10 0 Bank of England Messrs. R. Nivison & Co., and Messrs. Mullins, Marshall & Co. £1,250 ⅛ p.c. 1⅛ p.c.* April, 1910 1,000,000 India Bills (12 months). To replace Bills maturing April, 1910 — 3 10 9.29 Bank of England — £200 Nil. Nil. June, 1910 2,500,000 India Bills (12 months). To replace Bills maturing June, 1910 — 3 1 5.75 Bank of England — £200 Nil. Nil. October, 1910 4,000,000 India Bonds By tender £99 11s. 7.25d. average price. 3 10 0 Bank of England — £1,250 ⅛ p.c. Nil. December, 1910 1,500,000 India Bills (12 months). To replace Bills maturing December, 1910 — 3 5 4.7 Bank of England — £200 Nil. Nil. March, 1911 3,500,000 India Stock 96 3 10 0 Bank of England Messrs. R. Nivison & Co., and Messrs. Mullins, Marshall & Co. £1,250 ⅛ p.c. 1⅛ p.c.* April, 1911 1,000,000 India Bills (12 months). To replace Bills maturing April, 1911 — 2 13 6.27 Bank of England — £200 Nil. Nil. June, 1911 2,000,000 India Bills (12 months). To replace Bills maturing June, 1911 — 3 1 6.76 Bank of England — £200 Nil. Nil. December, 1911 1,500,000 India Bills (12 months). To replace Bills maturing December, 1911 — 3 0 7.256 Bank of England — £200 Nil. Nil. April, 1912 3,000,000 India Stock 93 3 10 0 Bank of England Messrs. R. Nivison & Co., and Messrs. Mullins. Marshall & Co. £1,250 ⅛ p.c. 1⅛ p.c.* * 1 per cent, for Underwriting, ⅛ per cent, for Arranging.