HOARDED MILLIONS.

Taranaki Daily News, Volume LI, Issue 270, 7 November 1908, Page 2

HOARDED MILLIONS.

£300,000,000 STORED UP IN INDIA. . n,,m„ lmlia \-I p P" ri,ntl - v ' '% believe in a a g „„ a . ,tU f. Wt awft y I" * «'»}' Henf to n," ,U t0 wlmt wo,lld •* «* »» several kings. Sir Er- > " ,S n Colmcil """1 « cxCm, ,on i,-"' J,C '"«"' Camber of amount of U(io,i 0,000-lyj„g fallow in jjX ibe failure of the British Goverameoi to enli.t tin. financial eoniideJrortbe people of India Sir Ernest consider, one of the weakest parts of the British administration. " a

' It is eonunon knowledge," he says, that for years past India has bera absorbing gold and silver. The late Mr Henry Dunning Jlncleod said, in his book on the Indian currency, that per- | sons ol Iho highest authority estimated

the hoard* at £300,000,000, and oue financial organ says that the hoarding averages eleven millions sterling yearly; If there is anything at all j„ these fig-iires-and they are generally accepted, l believe—there is clearly an enormous amount of wealth lying fallow in India. Surely it is worth while making an attempt to utilise some at least of these dormant resources for the benefit both of the people and the country at large. The task may be a hard the difficulties may bo well-nigh insuperable, but success would be fruitful of advan-

tages both to India and tlie Empire. "It," athis'Sir Ernest Cable, "the people of India could he persuaded to put the bulk of their surplus wealtk into the railways, into irrigation works, and into the development of the indusdial and commercial resources of the Continent, there would gradually ensue a welding together of the material ta- | terests of the European and the Tndian. Such a bond of union between the Tuters and the ruled would surely go far to promote those feelings of co-opera-tion and loyalty which are essential if the Indian Empire is to continue to advance."