INDIA’S FINANCE

Hawera Star, Volume L, 8 January 1931, Page 9

INDIA’S FINANCE

LATE EDITION

SAFEGUARDING MEASURE

ONUS OF RESPONSIBILITY

SUGGESTIONS TO CONFERENCE

(British Official Wireless,) Received 12.30 p.m. to-day. RUGBY, Jan. 7

It is anticipated that the Federal Structure Sub-committee of the Indian Conference will complete it’s work tomorrow.

The most important speech to-dav was that of Sir Bhupendra Micari, High Commissioner designate for India in London, who is recognised as an authority on financial matters. .Referring to the public debt lie said that all that was required was a clause acknowledging, in explicit terms, India’s liability to pay her debt and interest which should be a second charge on the Consolidated fund. lie was not in favour of any examination of that debt, but agreed that if any future dispute arose the matter should be referred to an independent tribunal such as an Empire Court which the Imperial Conference recommended. As to external loans he saw no reason why as a future Dominion, the Government of India should not subscribe to conditions laid down under rules which applied to those States whose loans were classed as guarantee securities. The greatest safeguard against financial breakdown lay in responsibility. 'He hoped that when responsible government was introduced his countrymen would rise to their responsibility and, with the help of the 'Princes, who would form an clement of the federation, an effort would be made to raise the amount, of gold required for establishing a reserve bank without external assistance.