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behalf of -- Government of this country and of India make most the invariable practice, except in the case of Loans of the very largest amounts, to issue Loans by tender instead of at a fixed price, feeling doubtless as we do that it is better that they should be subjected to the ignorant and often interested criticisms of the newspapers and of the Stock Exchange rather than lay themselves open to the charge of having sacrificed the interests of the Government which had been entrusted to them by making an issue at too low a price.
14. I would add as showing that the remarks which I have made are of a practical and not merely of a theoretical nature that when in the middle of the war in South Africa we found ourselves under the necessity of raising a loan on behalf of the Government of Ceylon at a fixed price, owing to the refusal of the Stock Exchange to have anything to do with a tender Loan in the then existing circumstances, the loan owing to a sudden improvement in the monetary and political position proved such a success that it was subscribed several times over and we were subjected to the charge of having given away the interests of the Colony. Subsequently the Loan dropped to a considerable discount on the issue price and remained below that price for a long period of time but the criticisms made upon us had their effect and had given the Colonial Government the impression that they had not been well served in the matter.
15. Of course the object to be arrived at in all Loan issues is to obtain the happy mean, i.e. that the Loan shall ..., but shall not be so rushed as to throw discredit on the judgment of the issuers. In order however to secure this object the issuers of Loans must be infallible.
16.