MOSLEM FESTIVAL.

New Zealand Herald, Volume LXVII, Issue 20562, 13 May 1930, Page 9

MOSLEM FESTIVAL.

QUIET DAY IN INDIA<

NO GRAVE INCIDENTS,

British Wireless

BUG BY, May 11,

Reports from India state that although vesterday was an anxious time for the authorities in all parts of the country, as it was the date of the Moslem festival of Bakr Id, which is distasteful to Hindus, and also the anniversary of the Indian Mutiny, tho day passed without the occurrenco of any grave incident. Even at Sholapur, where a Moslem policeman had been burnt alive by a mob a few days previously, religious processions of Mahommedans were carried out without disturbance. The Moslem authorities beforehand had mado a strong appeal for the preservation of order.

STOCKS REMAIN HEM.

BAD NEWS DISCOUNTED.

BETTER PRIVATE ADVICES. LONDON. May 11. The position on the market of Indian stocks is one of the most interesting points in the- financial situation. The disquieting news might have been expected to cause considerable depression in quotations, but the majority of Indian securities remain comparatively firm. The City is apparently of tho opinion that they amount to a definito obligation on the British Government. Although recent statements from the India Office tend to confirm this view, it is difficult to soo how, in the very unlikely event of a complete collapse in India, the British Government could undertake to shoulder such a colossal addition to its financial burdens as would thereby bo involved.

It is hard to believe that this consideration accounts -altogether for the present unexpected firmness,, which some wellinformed persons attribute to private advices from the Indian representatives of large financial houses, which disclose a 1 o:ss serious situation than the newspaper reports indicate. The whole position, in spito of certain parallels, is curiously out of accord with the financial feeling toward Australia, which still oxhibits anxiety and pessimism apparently disproportionate to the facts.