INDIAN LOAN
TEN MILLION ISSUE. (British Official Wireless.) RUGBY. April 25. The prospectus is being issued on and subscriptions closing on Wednesday, for £10.000,009 Government of Ind a 5 per cent, stock. 194.2— 1967, the price of issue being £95. The money is being raised to provide funds towards the repayment of the £6,000.000 6 per cent, bonds falling due in J re, and for r: iiway capita 1 expend!, turc in India and general purposes. Tins is the fir.->t issue of Indian sterling stock since May, 1931. Since that date, the whole Indian financial position has shown a radical improvement. Unlike several loans issued twelve or eighteen months ago, this is in no sense a loan of necessity, but is one issued for consohdating the position. Since the gold standard crisis, over £4O 000.000 of gold has been remitted from India, and this export has great-< ly helped to strengthen the rupee ex-’ change and the position of Indian credit. Evidence of improvement is afforded in the quotations of Government of India stocks in London. Notable examples are 44 per cent, sterling stock 1950/55, which in September was £6l. is now £B9, and 54 per cent. 1936/38 which have risen in the same interval from £BO to above par.
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Grey River Argus, 27 April 1932, Page 5
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210INDIAN LOAN Grey River Argus, 27 April 1932, Page 5
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