Debt.

Oral Answers to Questions — India. – in the House of Commons at on 30 November 1931.

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Lieut.-Colonel Sir FREDERICK HALL:

2.

asked the Secretary of State for India what is the annual charge for the payment of interest on the national debt of India; whether any responsibility has yet been accepted by the British Government as regards guaranteeing the payment of such interest; and whether such guarantee is subject to such conditions as will ensure the security of British investments and trading interests in India?

Photo of Mr Samuel Hoare Mr Samuel Hoare , Chelsea

The gross payments for interest on the ordinary debt of the Government of India in 1929–30, which is the latest year for which final figures are available, amounted to Rs.40.33 crores. Of this sum, Rs.21.28 crores were disbursed in India and 14.2 millions in England. As regards the latter part of the question, the position remains as stated in the Prime Minister's statement of the 26tit June last and in the replies given by him to various questions on the 1st and 6th July.

Sir F. HALL:

Does my right hon. Friend recognise that the Prime Minister's reply was very ambiguous? Can he say definitely whether the Government are standing behind the Indian loans, in order that the investing public may know where they are?

Photo of Mr Samuel Hoare Mr Samuel Hoare , Chelsea

I am afraid I cannot admit the charge that the answers were ambiguous. If my hon. and gallant Friend looks at all the answers, he will see that they are not ambiguous. In any case, I cannot add anything to them.

Sir F. HALL:

If my right hon. Friend does not agree that they are ambiguous, will he say whether the Indian Government are standing behind the Indian loans?

Photo of Mr Samuel Hoare Mr Samuel Hoare , Chelsea

That is just the question the Prime Minister answered, and I have nothing to add to the answer.