The “Immobilised Wealth” of India

At the annual general meeting of the Alliance Bank of Simla held on the 9th instant, Mr GA Monerieff made a speech in the course of which he referred to the capital resources of India which remained unused. He said that the greater part of India’s wealth was entirely immobilised and the success of the recent war loans had demonstrated the possibilities of finding capital in the country itself for industrial development and agricultural expansion. “Possibly in no other country,” said he, “is there so large or solid a foundation for a superstructure of credit on which there has been erected such small  Government borrowing or credit facilities.” For the general advancement of the country, he said, the Government of India should encourage financial development.