(4) Shares of newly floa?ed oompanies---finanoisl, oommeroisl or industrial, formed for the purpose o! [sking over an existing business or starting new busi- ness' on well ei?tablished lines. Prelerenoe shares or debentures of plantation companies. Ownership of. small or worldn?-class house property, and of agr?cul- rural land in insecure districts in small holdings. Rate o! interest ? to 10 per cent in cent in India. England; 8to 15 per of the money markets as they exist in Europe and America and is assumed to be applicable to India. It. is true that money markets are far less developed in India than in England or America; but the experience of Bombay and Calcutta, which are becom?g considerable money markets, shows that they are developing on the same lines as European money markets as regards classes of investors and investments, although there is a difference in organization, the business of Europeon firms being transacted apart from that of purely Indian firms. In the mofussit given both of investors .(supply of capital) and' of in- vestments (demand)is based primarily on the facts tion in commodity and metal markets and on the stock exchange; underwriting new issues of shares, buying dilapidated .house property or waste laud, urban or rural, for appreciation in value with. or without improve- ments. Rate of interest over 10 per cent in England and over 15 per cent in India. It is unnecessary in connection with the subject of this paper to examine the classification of short-term investments, as these are mainly.of a commercial and financial nature, and have little to do with financing permanent works for. economic development. It will be observed that the classification I have (5) Sh?es in new metalliferous mining companies, in compames for promoting new .inventions; specula-
