HC Deb 14 March 1912 vol 35 cc1252-3
Mr. BIGLAND

asked what have been the imports of gold and silver into India since the imposition of the tariff on silver in 1910; and what were the imports into India of the two metals in the two years previous to the imposition of the duty on silver?

Mr. MONTAGU

The present import duty on silver of 4d. an ounce in place of the 5 per cent. ad valorem duty was imposed in February, 1910. In the two years ending February, 1909, and February, 1910, the import of silver was respectively 88 million and 73¾ million ounces; in the year ending February, 1911, it was 69 million ounces; and in the ten months ending December, 1911, 62½ million ounces. If exports are deducted, the figures become 76¾ million; 60⅓ million; 54 million, and 31½ million ounces respectively. Of late there have been extensive shipments of silver from India to China. In the same four periods of time the gross import of gold was respectively £6,197,000, £14,902,000, £17,911,000, and £17,724,000; and the net import £3,792,000, £12,608,000, £15,307,000, and £15,629,000. The above figures are for imports and exports on private account only.

Mr. BIGLAND

asked the Under-Secretary for India, whether, seeing that silver is the raw material of an important and beautiful Indian handicraft, he will, in view of the large revenue surplus, consider the repeal of the duty on silver; and whether he will state if a duty has ever been imposed on this precious metal by any Government of which records exist?

Mr. MONTAGU

The import duty on silver is a duty on an article of comparative luxury, which is either used for hoarding or for jewelry and ornament. Were remission of taxation in India at present feasible there are other imposts that would probably claim prior consideration. The Secretary of State is not aware that the silversmith industry has declined in consequence of the duty. Silver, in the form of a manufactured commodity, is subject to taxation in other countries. As regards the last part of the question I am not aware of an example, but my hon. Friend is in as favourable position as I am for conducting an exhaustive, historical, and comparative research.

Mr. KING

Has the hon. Gentleman any information to show the amount of hoarded silver in India?

Mr. MONTAGU

Not in the House. If the hon. Member will put down a question I will see what I can do.