Calcutta, May 10: The Calcutta Corporation this evening discussed the question of raising a loan of fifty-one lakhs for water supply improvement scheme. The Chairman pointed out that it was a matter of urgency to arrange for funds and the first payment in connection with the scheme would have to be made in September and it was therefore considered advisable to apply to the Government for the sanction of the loan at once. The Finance Committee sometime ago considered that in the present state of the Indian Money Market it might be advisable to raise the loan in England particularly as payments would have to be made chiefly in that country and has since been advised that the English Market was favourable and daily improving and that no time should be lost in putting loan on the Market. The Chairman added that in deference to the wishes of members of the Committee enquiries should be made of the Imperial Bank as to whether it was agreeable to underwrite rupee loan and if so its terms and if the latter were favourable, which the majority of the members of the Committee considered unlikely, the matter be again brought before the Corporation and they could then modify their decision and apply for sanction for a rupee loan.
