INDIA'S SECRET WEALTH.

Wairarapa Age, Volume XXXI, Issue 3060, 3 December 1908, Page 4

INDIA'S SECRET WEALTH.

The habit of hoarding wealth prevalent in India from time immemorial offers a constant problem to the Anglo-Indian economist, for it shows no sign of dying out. Some

idea of the extent of the practice may be gained from an estimate that these accumulated hoards amount to no less than £300,000,000, and that they are increasing by £11,000,000 a year. Accepting these figures, Sir Ernest Cable, formerly president of the Bengal Chamber of Commerce and unofficial member of the Viceroy's Council, suggested in "The Times" that the natives should be offered inducements to invest in railway securities, and that a public enquiry should be held. Under the title, "The Hoarded Wealth of India," the "Financial Review of Reviews" for October contains an interesting symposium on the general question, in which several distinguished authorities take part, and which will be of no little interest to home investors in Indian railways. In brief, Sir Edward Law, late financial member of the Viceroy's Council, points out that if capital is to be drawn from these savings it must be on a rupee, basis, and that different methods must be adopted in issuing Government loans. Sir Her.ry Cotton believes the estimated savings are much exaggerated, but what with educational and commercial developments it is only a question of time for such savings as exist to come out. Sir Roper Lethbridge,. in calling attantion to the large> annual absorption ~of treasure in India, favours properlyconstituted committee of enquiry. Sir J. F. L. Rolleston touches the currency question. Sir M. M. Bhowaggree, while pointing out that India, with its 300,000,000 inhabitants, is not a rich but a poor country, admits that an amount of wealth is lying dormant, and is of opinion that a committee of enquiry working in the ■country is a pressing necessity.