HC Deb 25 April 1907 vol 173 cc232-3

To ask the Secretary of State for India whether he will state the present position and extent of the funds, gold, silver, gold bars, and silver ingots and securities, jointly designated as the gold currency reserve; what was the total amount of that fund on 31st March, and what proportions thereof are held in India and Eng and, respectively; and if it is intended that this reserve should be allowed to increase indefinitely, or is some automatic limit contemplated as to period or total amount.

(Answered by Mr. Secretary Morley.) The composition of the gold standard reserve on the 31st March, 1907, was as follows:—

In England.
British Government secureties, worth at their then market values, about £
In India.
600 lakhs of rupees 4,000,000
Gold to the value of about 300,000
Total, about £16,283,000

It is not intended to add to the amount held in rupees. As regards the invested portion, indefinite increase is not contemplated, but it is not desirable that further accumulation should be stopped for the present, and no decision has yet been arrived at as to the limit that should be imposed.