§ 8. Mr. R. GWYNNEasked if there has been any coinage of new rupees from purchased silver since 31st March, 1912; what, if any, purchases of silver have been made by or on behalf of the Government of India since that date and at what prices, and at what dates, and through what agencies or firms they have been made?
Mr. BAKERThirty-one million, four hundred thousand new rupees have been coined from purchased silver since 31st March, 1912. The silver has been purchased through Messrs. Samuel Montagu and Co. It would not be in the public interest to state the amount at the present time; but the Secretary of State will be glad to-supply the information later if it is asked for.
§ Mr. R. GWYNNEHas silver ever before been purchased by the Government of India from the firm mentioned?
Mr. BAKERNo, it has not. The Secretary of State had reason to believe that there was likely to be a speculative rise, and therefore decided that it would be in the public interest to employ a firm which had not been employed before.
§ Colonel YATEWas not this bullion always purchased before by the Bank of England?