MR. MAC NEILL (Donegal, S.)I beg to ask the Under Secretary of State for India whether the Secretary of State for India will, at the close of the financial year, grant a Return showing the amount of profit accruing during the year to the Indian Government from paying its servants their family remittances, furlough, and pensions at the rate of 1s. 5d., while the current rate of exchange is much higher, being to-day 1s. 7¼d?
§ THE UNDER SECRETARY OF STATE FOR INDIA (Sir J. GORST,) ChathamThe Secretary of State wishes to be allowed to defer his answer to this question until the close of the financial year. He cannot tell until then whether any profit will accrue or not.
§ SIR R. LETHBRIDGE (Kensington, N.)Arising out of the answer of the right hon. Gentleman, may I ask him if we are to assume that Indian Civil Service pensions are really to be reduced from £200 to £135 by the loss in the exchange, so that these officers are unable to provide adequately for the feeding, clothing, and education of their children, while a profit continues to be made by the Government from the same transaction?
§ SIR J. GORSTI must remind the hon. Gentleman that at this moment there is a Committee sitting upstairs which is engaged in considering the matter, and it would be very disrespectful to that Committee if I were to express any opinion.
§ MR. C. WRIGHT (Lancashire, S.W., Leigh)I beg to ask the Under Secretary of State for India if his attention has been drawn to a statement in the Daily News of the 23rd instant, as follows:—
Indian Government expenditure in England is over 200 million rupees per annum. If the rupee exchanges for 1s. 7d., instead of 1s. 5d., the difference of 2d. per rupee to the Indian Exchequer is £1,750,000;and, if so, is it true that a rise of 2d. in the rate of exchange is a clear gain to the Indian Government of £1,750,000?
§ SIR J. GORSTYes, Sir; but, so far, the average rate actually realised has been only 1s. 5¾d.