§ MR. CALEB WRIGHT (Lancashire, S.W., Leigh)
I beg to ask the Under Secretary of State for India by what amount in sterling does the Indian Exchequer benefit by an advance in exchange of one penny per rupee per annum; and if the Indian Council is not receiving for bills at the present time 3d. per rupee more than was obtained when silver was selling at 3s. 6d. per ounce or under; and, if not, 3d. per rupee, how much is the present rate higher than the lowest rate?
SIR J. GORST
The gain produced by the rise of 1d. varies with the rate of exchange. The gain by a rise from 1s. 6d. to 1s. 7d. is Rx.1,100,000. Council bills are fetching 3d. per rupee more than when silver was at 3s. 6d. per ounce.