FINANCES OF INDIA.
CONSOLIDATING LOAN. RECENT IMPROVEMENT SHOWN. British Wireless. RUGBY, April 25. The prospectus is to be issued to-mor-row, and subscriptions are to close on Wednesday for £10,000,000 Government of India 5 per cent, stock, 1942-1947. The price of the issue is £95. The money is being raised to provide funds toward the repayment of £6,000,000 6 per cent, bonds, falling due in June, and for railway capital expenditure in India and for general purposes. This is the first issue of Indian sterling stock since May, 1931. Since that date, (he whole Indian financial position has shown radical improvement. Unlike several loans issued 12 or 18 months ago, this is in no senso a loan of necessity, but issued for consolidating the position. Since the gold standard crisis, over £40,000,000 of gold has been remitted from India and this export has greatly helped to strengthen the rupee exchange and the position of Indian credit. Evidence of the improvement is afforded in the quotations of Government of India stocks in London. Notable examples are 4j per cent, sterling stock, 1950-55, which in September was £6l, and is now £B9; and 5£ per cents., 1936-38, which has risen in (he same interval from £BO to above
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New Zealand Herald, Volume LXIX, Issue 21167, 27 April 1932, Page 11
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205FINANCES OF INDIA. New Zealand Herald, Volume LXIX, Issue 21167, 27 April 1932, Page 11
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