§ SIR EDWARD SASSOON (Hythe)I beg to ask the Secretary of State for India whether, in view of the condition of India's manufacturing and agricultural industries, as affected by the competition of silver-using countries and aggravated by the recent serious depreciation of silver, he would recommend the institution of an inquiry into the action and effects of the currency system promulgated in 1893.
§ LORD G. HAMILTONThe effect on industry and agriculture in India of the closing of the Indian Mints in 1893 was one of the subjects considered by Sir H. Fowler's Currency Committee, which reported in July. 1899. That Committee did not support the view which is suggested in the hon. Member's Question, and no facts have since been brought to my notice which invalidate this conclusion.
§ SIR EDWARD SASSOONasked whether the noble Lord was aware that several large cotton mills in Bombay were on the verge of bankruptcy, and that tea and kindred interests in India were sore pressed, and had difficulty in holding their own in foreign markets.
§ LORD G. HAMILTONI understand that these allegations are made, but I am sure that on examination it will be found that the state of things referred to cannot be attributed to the closing of the Mints in 1893.