Mr. S. ROBERTSasked the Secretary of State for India whether, when sanction is given for the Indian Government to raise money in England on loan, any stipulation is made that the money so raised is spent here; how much of the £7,500,000 recently borrowed for railway material has been spent in this country; whether it is intended to spend any part of this amount in foreign countries; and, if so, for what reasons?
§ Mr. MONTAGUIt was stated on the prospectus issued in connection with the recent Indian sterling loan that the entire proceeds would be utilised for the purchase of railway material in the United Kingdom and no part of the loan proceeds will therefore be expended abroad. About £900,000 was spent in this country in May last on railway capital account.