Legislature's Dramatic Opening of New Session at New Delhi New Delhi, Feb. 1.
The new session of the Indian Legislature opened dramatically to. day, Mr. V. J. Patel, President of the assembly, refusing to call on Sir Basil Blackett," the Finance Member of the Executive Council, to introduce a new Reserve Bank Bill on the ground that the Bill violated the propriety of the House and was an abuse of privilege, while last session's Bill had not' been withdrawn, The Gold Standard and Reserve Bank Bill was gazetted on Januai 18. Sir Basil Blackett, [course of a statement made then, said that share capital must be the dasis for the constitution of a Reserve Bank of India but, in order to ensure the interests gf' India. as whole, the Government had decid fed not to give the Imperial Bank India an option but, on the contrary, to have the shares distributed on a broad basis by giving prefer-fence in their allotment to "those applying for one share (of the face value of Rs, 100), while nobody would be allowed' to hold shares worth over Rs, 20,000, Every shareholder would have one vote, while there would be safeguards Against external capital. Tt had been arranged that the total divid~ and paid on the share capital should not exceed seven per cent. per annum,—Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.