LOAN FOR INDIA
ten millions at five per cent. CONSOLIDATING HER POSITION RUGBY, Monday. The prospectus will be issued on Tuesday for subscriptions closing on Wednesday for £10,000,000 Government of India 5 per cent. stoclc maturing in 1942-1947, the priee of issue being £95. The money is being raised to provide funds towards the repayment of £6,000,000 6 per cent. bonds falling due in June and for railway capital expenditure in India, and general purposes. This is the first issue of Indian sterling stock since May, 1931. Since that date the whole of the Indian financial position has sown a radical improvement. Unlike several loans issued 12 or 18 months ago this is in no sense a loan of necessity, but is being issued for the consolidation of the position. Since the gold standard crisis, over £4,000,000 in gold has been remitted from India, and this export has greatly helped to strengthen the rupee exehange and the position of Indian credit. Evidence of improvement is afforded in the quotations for Government of India stocks in London. Notable examples are: 4 S per cent. sterling stock, 1950-55, which in September was £61, is now £89, and per cents 1936-38 stocks, which have risen in the same interval from £80 to above par. _____
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Rotorua Morning Post, Volume 1, Issue 208, 27 April 1932, Page 5
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211LOAN FOR INDIA Rotorua Morning Post, Volume 1, Issue 208, 27 April 1932, Page 5
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