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 584 H. B TANL E Y JE VONB sum of 150 erores of rupees to India without com- pletingly upsetting the rate of exchange; but it may be suggested that about' 90 to India--say 20 crores utilized for the financing 'India, and 70 crores in erores might b brought of tade the form which could be and industries i of commodities, t!at is to say, mainly msohery, plant and mabel required in India for all manner of works ol economic development. If the for the next twenty they could with the produce more than about all the manifold purposes Public bo.rrowing in India sources so far examined years it utmost 300 of were drawn on is hardly likely that ingenuity be made to crores. o! rupees for economic development required ? must be The obvious answer prepared to borrow must gradually develope the market for public secur- ities in India until with the increasing wealth of the country, consequent on the economic development o whi.ch .will be progressively achieved, the possibility o! lssmng loans will develope to the position they have attained in the and North America. countries of Western Europe It is no chimera of the imsgi- nation to assert 'that this can be done. The history of the development of public indebtedness in England, France, the United States, and other countries is perfectly well known. Both the principles and the will be urgently is that Government largely in India. It to obtain the additional funds which of the Indian Empire. This is but a small sum in comparison with the vast sum of 1,500 crores or more which I indicated in the early part ! this paper ought to be spent within the next twenty years on the economic development of India. To what other source then can we have recourse in order