ECONOMIC DEVEL OPMEI?I' EZten?n o] Local Debt If s policy of extending public borrowiug construction of public works be adopted i? means necessary ?hs? practically ,'all ?he should be dbne by ?he Governmen? of Indis---I would go further and say ?ha? i? is are many cosidera?ions which suppor? ?he if ?here were a greater variety of loans for ?he is by no borrowing ?he public--as, for example, by silowing and encourag- ing Provincial Governments and local authorities, such ss Divisional Councils and municipalities o?her ?hsn ?he por? towns, to make ?heir own issues---a far larger ?o?sl sum of borrowed money could be made available each year for works o! public u?ili?y, including sanitation. In all advanced countries of the world ?here is s gres? variety of loan issues by differen? kinds ol public bodies of all si?.es. In England we have loans of many county councils, besides ?hose of. numerous municipal corporations and por? ?rus?s and and of special bodies like ?he Metropolitan Ws?er Board. In ?he United States, besides ?he Pedersl deb? slmos? every s?s?e has exercised borrowing powers, and counties, cities, school boards and harbor trusts all issue bonds. Colonies and in every
indeed been acutely said
And so Western that the boo in ?he British country. It has s?a?e of. advance- ment of. a country in civilisation is indicated by the amount o.f its public debt per .head of population. If this b? interpreted so as to include all debt in. cuffed by local bodies substantially true; and as well as s?te debt, it is for two reasons: (1) so far as the loan monies were spent for produotive pur- poses (e.g., public works) they hs?e socomplished economic and sanitary development of, the country and have increased ?he national income and s?ndsrd no? desirable. There view ?ha? offered ?o
