THE INDIAN LOAN.
The determination of India to contribute £100,000,000 towards the expenses of the war is gratifying evidence of the loyalty and devotion of the Indian people, whose chiefs and leaders take part in Anglo-Indian government, and upon such matters govern the administrative decision. It is a natural corollary to tho munificence with which the chiefs have strained their personal resources in voluntary gifts and to the enthusiasm with which the Indian army has been recruited and strengthened. Commercially the loan thus necessitated will rectify that balance of trade which, in India as elsewhere, has been greatly affected by increased exports and reduced imports. Indian exchange is now greatly against London, and this will be readjusted by the coming Indian loan as American exchange was readjusted by tho loan* raised in New York. New Zealand is interested in this, as we have to pay for necessary imports from India at an inflated rate as long as Indian exchange is against the'rest of the. British world, through the common clearing-house at London,
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Bibliographic details
New Zealand Herald, Volume LIV, Issue 16480, 5 March 1917, Page 4
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172THE INDIAN LOAN. New Zealand Herald, Volume LIV, Issue 16480, 5 March 1917, Page 4
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