§ 45. Mr. RUPERT GWYNNE
asked the Prime Minister whether, seeing that the question of silver purchases for the Government of India is about to be investigated by a Royal Commission, he will consider the advisability of suspending the currency proposals of the Committee which has just reported on the British African Colonies and Protectorates, so that some joint plan for these silver purchases for India and Africa may be arrived at, thus obviating an expensive competition in the silver market on the part of two different Government agencies?
§ The SECRETARY of STATE for the COLONIES (Mr. Harcourt)
This matter has already engaged the attention of the Currency Board, which has been formed in accordance with the recommendations of the Committee referred to. The Board do not anticipate that their demands will have any appreciable effect upon the price of silver, mainly because the new coinage will only to a limited extent create a new demand, as it replaces the British coinage now current, and will consequently reduce the requirements of the Royal Mint. Further, the actual amount of silver required on any particular occasion of purchase will be too small to disturb the market.