§ 22. Mr. RUPERT GWYNNEasked the Under-Secretary of State for India the period during which the purchases were made of silver from which 31,400,000 rupees were coined; and what was the average price given and the difference in cost compared with prices ruling during the same period in 1911?
§ The FINANCIAL SECRETARY to the WAR OFFICE (Mr. H. Baker)The purchases were made between the 5th March and the 15th August; the average price paid was approximately 27 11–16d. per ounce. The average price for cash during the corresponding period of 1911 was approximately 24⅜d. per ounce. The difference in cost, on this basis, was about £164,554.
§ Mr. R. GWYNNEAre we to understand the purchases have now ceased?
§ Mr. H. BAKERThat is a question I could not possibly answer.
§ Mr. A. STRAUSSCould the hon. Gentleman give the average price compared with the average for the whole year and also for previous years?
§ Mr. H. BAKERI have given the comparison for 1911, and in answer to questions I can no doubt give comparisons for previous years.
§ 23. Mr. R. GWYNNEasked the names of the banks and approved borrowers to whom the sum of £8,950,000 of the cash balances of India is now on deposit or loan in England, with the maximum sums on deposit with or lent to them, respectively, during the past year?
§ Mr. H. BAKERI propose to circulate the answer to this question.—[See Written Answers this date.]
§ Mr. W. THORNEMay I ask whether there is any truth in the statement to the effect that the India Office are in the habit of lending money at 27½ per cent, and borrowing it back at 3½ per cent.
§ Mr. H. BAKERThat is a very rough statement. I could not possibly go into an explanation in answer to a supplementary question.
§ Mr. A. STRAUSSWill the hon. Gentleman also circulate the amount of interest paid for the various loans?
§ Mr. H. BAKERI will circulate all the information asked for in the question.
§ 24. Mr. R. GWYNNEasked the total amount of brokerage, commission, or other remuneration paid or owing to Messrs. Samuel Montagu and Company in respect of their purchases of silver or other transactions on behalf of the Government of India?
§ Mr. H. BAKERThe commission paid or due to be paid to Messrs. Samuel Montagu and Company in respect of the purchases of silver during the present year is at one-eighth per cent., and amounts to £7,513. No payment has been made or is to be made to them in respect of other transactions.
§ 25. Mr. R. GWYNNEasked what amount of securities, if any, held in the Gold Standard Reserve were realized during the years of financial pressure, 1907 and 1908; and how much they realised as compared with their original cost?
§ Mr. H. BAKERSecurities were sold which had cost £8,668,900. They realised £8,522,051.
§ 26. Mr. RUPERT GWYNNEasked the amount of the purchases of silver in each month of the present year, and the prices paid month by month?
§ Mr. BAKERPerhaps the hon. Member will allow me to circulate the answer with the Votes. [See Written Answers this Date.]
§ Mr. STRAUSSWill the hon. Gentleman give a full statement of the purchases made this year and the dates and prices?
§ Mr. STRAUSSThe dates and the prices?
§ 27. Mr. R. GWYNNEasked the basis on which the selling prices of the securities held in the Gold Standard Reserve are calculated in arriving at the depreciation on 16th October, 1912, of £1,064,824?
§ Mr. BAKERThe selling prices used in the calculation are the minimum prices given in the Official Stock Exchange closing quotations (3.30 p.m.) of the 14th October. The depreciation shown represents the difference between the value of the securities on the above basis and their actual purchase cost. The balance of profit, slightly exceeding £2,000,000, to which I referred in answer to a previous question by the hon. Member, was arrived at after taking account of loss on realisation of securities as well as depreciation of those now held.
§ 30. Mr. STEWARTasked upon what date did the Indian Government issue their last loan in London; the amount of the loan, the rate of interest offered, and the amount which the public applied for; and the interest the Indian Government were obtaining for the loans they were making in London out of their cash balances on that date?
§ Mr. BAKERThe last issue was made on 23rd April, 1912; the amount was £3,000,000, and the rate of interest 3½ per cent.; the amount applied for by the public was about £387,000, the remainder 1249 being taken by the underwriters. The rate of interest at which short loans were then being granted from the Secretary of State's Balances was 3 per cent.
§ 31. Mr. DENMANasked what is the present cash price of silver; what was the average price at which purchases were made by the India Office through Messrs. Samuel Montagu and Co.; and what would have been the additional cost if those purchases had been made at the present cash price?
§ Mr. BAKERThe present cash price of silver is 28 and 13–16d. per ounce; the average price at which purchases were made through Messrs. Samuel Montagu and Company was 28¼d.; the additional cost, if those purchases had been made at the present cash price, would have been about £99,130.
§ Mr. MOOREWill the hon. Gentleman circulate with his answer to these questions the names and addresses of the persons partners in this firm?
Mr. FRED HALLAnd will he give the amount of saving which would have been effected had the silver been purchased at the lower price. Some was purchased at 27d.