INDIAN FINANCES
A CHEERING ANNOUNCEMENT REPAYMENT OF LOAN EFFECT OF HIGH PRICE OF GOLD (United Press Association.) r (By Electric Telegraph—Copyright.) DELHI, January 15. The Government of India announces that it is able to repay the 5i per cent, loan of £15,000,000 due to-day without borrowing from London or drawing on its resources. This is hailed by the press as an event which will restore the confidence of investors in Indian securities. The high price of gold, leading to an efflux of £25,000,000 worth of metal, mostly from secret hoards in India, has greatly strengthened the Government’s hands financially.
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Otago Daily Times, Issue 21545, 18 January 1932, Page 7
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99INDIAN FINANCES Otago Daily Times, Issue 21545, 18 January 1932, Page 7
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