§ MR. SAMUEL SMITH (Flintshire)I beg to ask the Under Secretary of State for India whether (1) it is the case that for some time past India Council Bills have been sold much beyond the average monthly rate; (2) whether this was done to take advantage of the higher exchange caused by anticipated silver legislation in America; (3) whether the present rate of exchange is much higher than that at which those surplus sales of Council Bills were made; (4) whether the Indian Treasury has thereby sustained a considerable loss; (5) and whether he will consider the advisability of delaying action as far as possible and await the full effect of the passage of the American Silver Bill, in view of the possibility of a rise to about 1s. l1d. per rupee, the old rate of exchange before silver demonetisation took place?
§ * THE UNDER SECRETARY OF STATE JOB INDIA (Sir J. GORST,) ChathamThe answer to the first paragraph of the hon. Member's question is in the negative. India Council Bills have not been sold for some time past much beyond the average monthly rate. The answer to the second part of the question is also in the negative. The expectation of legislation in the United States has not influenced the amount of the sales. The answer to the third paragraph is that the present rate is higher than it has been for the last five years. The answer to the fourth paragraph is in the negative. There has been no surplus sale, and consequently no loss. As regards the last paragraph, the Secretary of State cannot delay such sale of bills as is necessary to meet the wants of the Service on the chance of a future rise in the value of silver.