HC Deb 27 November 1912 vol 44 cc1255-6
37. Mr. TOUCHE

asked the Financial Secretary to the War Office, as representing the Secretary of State for India, what percentage of the gold standard reserve was represented by silver when the sterling portion reached the lowest amount during the strain in 1908?

The FINANCIAL SECRETARY to the WAR OFFICE (Mr. Harold Baker)

About 68 per cent.

Mr. TOUCHE

Can the hon. Gentleman give me the amount?

Mr. BAKER

If the hon. Gentleman gives me notice I will.

38. Mr. TOUCHE

asked whether the Government are fully satisfied that they have a sufficiency of coined rupees to meet the demand, which will most certainly be made upon them between December and February, to provide funds for the movement of the bountiful crops in India this year?

Mr. BAKER

The Government of India are satisfied that they will have a sufficient supply, but they will continue to watch the situation carefully.

39. Mr. TOUCHE

asked what securities were held to represent the former limit of 200 lakhs (£1,333,000), beyond which the paper currency reserve was not to be invested in British Government securities, and what invesmtents were made in similar securities to represent the addition of £1,333,000 when the amount which might be invested in British Government securities was recently doubled; for how long have these new investments been held; and whether there is an appreciation or depreciation on them since they were placed in the paper currency reserve, and of how much?

Mr. BAKER

The 200 lakhs held under the former limit were at first (August, 1905) invested partly in Consols and partly in Exchequer Bonds; since August, 1908, the whole has been held in Consols. When the amount that might be held in British securities was doubled (in 1911) a further investment of the equivalent of 200 lakhs was made in Consols. The depreciation of the Consols representing the first 200 lakhs has been £212,119, and of those representing the second 200 lakhs, £108,219.

40. Mr. TOUCHE

asked whether the fact that the Secretary of State's drawings will not be limited to the amount required for home payments, as it is intended to sell additional bills in London so far as resources will permit, means that the commercial public may, for the third time since the introduction of the Gold Note Act, be refused rupees in India against tender of gold in London at 1s. 4 5–32d. should resources not permit of further selling?

Mr. BAKER

The Secretary of State has no reason to apprehend that the contingency referred to will arise.

Mr. TOUCHE

Has the hon. Gentleman placed any limit on undertaking the sale of rupees in India against gold in London at 1s. 4 5–32d?

Mr. BAKER

I answered that same question specifically yesterday, and I stated what the limits were.