'A peculiar feature in the development of Indian enterprise is evidenced in the Madras Financial This is the large number of " Nidhis," a kind of Joint Stock Company on the' lines of the English Friendly Society, the purpose of wi appears to be to provide capital for each member in turn, by pooling subscriptions and drawing lots. The native of India does not appreciate Western financial methods. A safe bank or 3} per cent consols have for him no attraction. He likes to display his wealth on his own person in gold and. silver jewellery; his spare cash he banks in a hole under his bed or fire place, but when he does try an advance on these primitive customs he is sure to be original, as witness the "Nidhis." There is something of the nature of a lottery in the system, which has, however, the proviso, that if you wait long enough your turn is sure to come. This is satisfactory, but deprives it of the gambling element and consequently of some attractive excitement.
The Victoria Memorial is again coming to the fore. Lord Curzon has written a letter on the subject in which he says that the time has come for the appointment of a representative Board of Trustees to take over the custody and management of the fund and arrange for the execution of the work. A Bill is to be introduced into the Legislative Council on Friday, 20th March. The vexed quostion of the site upon which the memorial is to be erected is still unsettled and letters are still appearing in the papers advancing the claims of Delhi and even Agra, but that Calcutta has been finally decided upon may be safely believed. The only point still open is, where in Calcutta? This point is being hotly discussed and is exciting a good deal of interest. I hope in my next letter to be able to tell you what has been decided upon.
Text read from the printed page and cleaned; old type leaves the occasional error.