INDIAN Caanrr.
In the terms of theIndia Loan we have a very fair expression of the damage inflicted upon Indian credit by the follies of the Indian agitators, and, perhaps, also an expression of the failure of the Government to deal with the situation in a sufficiently prompt and determined manner. It is true that the Indian authorities have endeavoured to meet the financial exigencies of the moment by borrowing for short-term periods only, but that the Indian Government during the past few months ;Continued on page 882.)
Financial Notes
(Continued from page 881.) , should have had to raise over i13,000,0004 money on terms giving to the investor a yield of well over 6 per cent. is in itself a very disqpietin&matter. It is not as though conditions in India were not reasonably prOsijerOus, -for they are ; the decline in Indian credit is entirely due to the present unsatis- factory political conditions.
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