H. BTANLEY JEVON$ ?al (?overnment Board over the borrowing by Town and County Councils in Engl&nd. Certain kinds of economic development, such as the improvement of rivers, development of fisheries, estab* lishment of agricultural colonies, reclamation of waste or rioode(] lands, 'afforestation, and the building of light railways, might with great advantage be entrusted be Boards of Commissioners or Trustees, established ad hoc like the Port Trusts. These may nee(] partly to be financed by an initial capital grant from Govern- ment, like the Improvement Trust o! the cities; but they should also be given borrowing powers, and if possible, assured sources of revenue. The larger Trnsts established for any of these purposes, might well after ten or fifteen years be allowe(] to I?orrow freely from the public direct. its business established
concern it could offer good
neoessary a high rate of the appeal would be to class (8) of investors chtssification given above. Once such a Trust had got and maintained as a going security for loans and ff interest. In many cases in my The management of such trusts presumes the exis- fence of a number of men with business and experience willing to serve as Trustees, gratis or for a small fixed remuneration. This knowledge either dition will probably not exist in many parts of India within the next half century; and it may be necessary to seek an alternative method of management and fi. nance. This could be found, I think, in the estab- lishment of concessionnaire companies which would be granted a charter or license to construct and ?vork some improvement. Capital grants ?n aid could be made, as to the Trusts, if Government supervised the expenditure; or perhaps better, Government could guarantee a minimum interest on their share capital, or guar?? perpetually the whole interest on the deben-
