Page:Indian Journal of Economics Volume 2.djvu/618

 H. 8TdNLEY JEON$ lax es, rates and ceases, within a wide range of oholea, so that the peculiar conditions of each province may be utilized to the greatest advantage, the taxation of unearned incomes these, especially being urban particularly rents, always the progress o! economic development. Asung that a provincial loan issues marketable value aimed at, as increase with by giving is given to them unquestionable allowed to provincial and complet freedom governments in tMs expaasion of the market be greatly facilitated for preyin. till by judicious loBit plentiful advertising, the purpose of loan and benefits that will accrue from its expenditure, the nature of the security, and the terms of issue being all very simply but fully explained. useful freely to employ benks, stock brokers ,red It would probably prove private agencies, such as Indian financiers to place the loan issues with their clients, a substantial brokerage commission being offered. Another plan, which some provinces might try, would be to get a big joint-stock bank or financial house to underwrite the whole, or part, of the issue, it would advertise and place either a, once or gradually in the usual way. Whatever the method of issue, it would be a great could rapidly made by of provincial loans tlmt local be aroused in their fvor. 'This growing in India; and appeals the ministers-to-be 'of the new lriotism is a fores would be provincial should be respect. The issues will different in different provinces; security, the next point to notice is that the fern of the secur/ty--whether registered, or to. bearer, its term, interost, and issuo and rodomptions pricos--should be arranged after careful inquiries and experiments so as to meet the wishes of the lzrgest section of possible investors. These conditions any need to be toty