§ 6. Mr. RUPERT GWYNNEasked the Under-Secretary of State for India the amount of the cash balances of the Government of India, irrespective of the sums belonging to the Gold Standard Reserve, held in England at the present time; and how they are employed?
§ The FINANCIAL SECRETARY to the WAR OFFICE (Mr. Harold Baker)The cash balances of the Government of India 215 (irrespective of sums belonging to the Gold Standard Reserve) held in England on the evening of the 22nd instant were as follows:—
Cash at the Bank of England £632,372 Loans at short notice to approved borrowers on security 6,600,000 On deposit with leading London banks 2,350,000 Total £9,582,372
§ Mr. R. GWYNNEWill the hon. Gentleman say the names of the banks and firms who had the use of this money?
§ 7. Mr. R. GWYNNEasked what profit, if any, from the coinage of new rupees has been available for addition to the Gold Standard Reserve since 31st March, 1912; what is the present amount of the reserve; and to what extent it is held in England in sterling securities and gold, respectively?
§ Mr. BAKERThe amount added to the Gold Standard Reserve since 31st March, 1912, is £520,000. The reserve is now made up as follows:—
In accordance with the new arrangements, of which the House was recently informed, about £200,000 will shortly be set aside in gold on account of interest received on investments.
Rupees held in India £2,453,330 Sterling securities (at market price, as valued on 14th October, 1912) 15,852,132 Cash in England, lent at short notice 1,234,458 Total £19,539,920
§ Mr. R. GWYNNEDid not the Commission recommend that the whole of the security should be held in gold, and to what extent have they depreciated during the last few years?
§ Mr. HOGGEIs it in order in a question of this kind to say "England" when "Great Britain" is meant? England is a very offensive term.
§ Mr. SPEAKERI am sorry that the word "England" should offend the hon. Member.