§ 2. Sir J. D. REESasked the Secretary of State for India what measures have been adopted to provide India with a sufficiency of metallic currency?
Mr. FISHERBetween February, 1915, and the 31st March, 1918, 214,000,000 standard ounces of silver, of the approximate value of £34,800,000, were purchased for coinage. By exchange with the Imperial Government the Government of India acquired in 1917 £3,000,000 in sovereigns in India against the like amount previously held by the Secretary of State in London; and under an Ordinance of 29th June, 1917, they also acquired £12,800,000 of gold imported into India by private importers. This year £2,000,000 gold bullion has been acquired in India from His Majesty's Government. I may mention, too, that a Bill has just been passed through the United States Congress empowering the United States Government to melt and sell 350,000,000 dollars from their revenue to pay for imports and for other purposes. It is hoped that a portion of this silver may be shipped by the United States Government to India.