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Volume 229: debated on Thursday 4 May 1876

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asked the Under Secretary of State for India, If he will explain under what circumstances the Secretary of State for India has thought proper to borrow in this Country an amount much greater than the Budget Statement published in India showed to be necessary?

In the Budget Statement published in India the loan proposed to be raised was the amount required to enable the Government to meet the expenditure of the year 1876–7, including public works extraordinary. The Secretary of State had not only to consider that expenditure, but also what was necessary to provide for the deficiency in the amount obtained here for bills on India in the last months of the year 1875–6, and any further deficiency that, with reference to the uncertain state of the exchanges and of the demand for bills, might arise in the current financial year 1876–7.