BRITISH POLITICS
AN OFFICIAL STATEMENT. PARLIAMENTARY ACTION TO BE TAKEN. {.United Press Association—By Electric Telegraph.—Copyright. J RUGBY, June 27. The Prime Minister, Mr Ramsay MacDonald, made a statement in the House of Commons yesterday on Indian credit, which caused a considerable rise in the value of Indian stocks. The declaration was presumably intended to reinforce that made by the Secretary of State for India, Mr Wedgwood Been, in January last, to the effect that Parliament would provide financial safeguards in the new Constitution.
The declaration has been interpreted by the city editor of “The Times” to mean that the British Government would lend money to the Indian Government, if it proved necessary to maintain the rupee exchange rate at 1/6. Press comment shows the prospect of a possible increase in the liabilities of the British Exchequer. The hope is expressed that informed Indian,, opinion will realise the imperative need of financial safeguards in the new Constitution.
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Hokitika Guardian, 1 July 1931, Page 6
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156BRITISH POLITICS Hokitika Guardian, 1 July 1931, Page 6
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