HC Deb 08 May 1879 vol 245 c1959

asked the Under Secretary of State for India, Whether it would be advisable to purchase from Germany her surplus stock of silver, which is believed not to exceed fifteen millions sterling; whether the entire loss on such a transaction would exceed the annual loss on the home charges of the Government of India due to exchange; and, whether the removal of the surplus German silver from the market would so improve the market for bullion as to largely diminish the loss on exchange by the Indian Treasury?


The subject raised by this question is one of very great difficulty, and I hope the hon. Member will not think me wanting in courtesy if I say that it would be quite impossible for me to discuss it properly within the limits usually laid down in answering a Question. I can only say that we should be very glad to be able to state with accuracy what amount of surplus silver the German Government now holds, or is willing to dispose of. What the effect of such a purchase, if made, would be is a matter of speculation, upon which the most opposite opinions have been expressed.