MR. BECKETT DENISONasked the Under Secretary of State for India, If the Secretary of State in Council has it in contemplation to review and revise the present system of drawing bills of exchange upon India each month, whereby a loss of two million pounds per annum is sustained by the Indian Exchequer, or a sum equal to the interest at 4 per cent, of a public debt of fifty millions?
§ LORD GEORGE HAMILTONThe Secretary of State, Sir, does not at present intend to alter the system of drawing bills of exchange upon India, but he is quite prepared to adopt from time to time such measures as may appear to him likely to lessen the loss on exchange, and he will be glad to consider any practical suggestion which my hon. Friend or any other authority may have to make to him. The loss of £2,000,000 per annum, spoken of by my hon. Friend as sustained by the Indian Exchequer, is chiefly one of account. Previous to 1857 the rupee was always estimated at 1s. 10½d., but for convenience of account it has since been estimated at 2s.; and the loss accruing, placed under the head of "loss on exchange." No doubt, loss to the Indian Government has been caused by the accumulation of silver.