§ 61. Mr. ORMSBY-GOREasked the Under-Secretary of State for the Colonies whether the decision regarding the change 600 of the currency in British East Africa from rupees to florins is final; when it will take effect; whether the new currency will extend to the Tanganyika territory; and whether all existing silver rupees, rupee notes, and rupee stamps will be withdrawn from circulation in both territories?
§ Lieut.-Colonel AMERYThe decision to change the currency system in the East Africa Protectorate, Uganda, and the Tanganyika Territory from the rupee to the florin, fixed at one-tenth of the pound sterling, is final. The new currency will be put into circulation as soon as it is available in sufficient quantities. The existing silver coins and rupee notes will be withdrawn as rapidly as possible when the new currency is available, and steps will also be taken to replace those stamps the values of which are at present expressed in rupees.
§ Mr. A. M. SAMUELWould it not simplify the whole of our Colonial currency system if the hon. and gallant Gentleman called the rupee a florin and the half-rupee a shilling?
§ Lieut.-colonel AMERYI think I mentioned, in answer to a question some little time ago, that the half-rupee would be called a shilling.
§ Brigadier-General COCKERILLWill debts incurred in rupees be repayable in these florins, and, if so, at what rate?
§ Lieut.-Colonel AMERYYes, Sir, for the purposes of repayment of debt and on contracts, the new florin will rank as the new rupee.
§ Brigadier-General COCKERILLIs not the effect of that decision to increase the debts of everyone of the settlers in East Africa by 50 per cent., since debts incurred at 1s. 4d. will be repaid at 2s.?
§ Lieut.-Colonel AMERYIn so far as people are owners of sterling, and have to pay out of sterling funds here, I am afraid it does increase their indebtedness. In so far as they are owners of rupees, and have debts to repay, it diminishes it.
§ Brigadier-General COCKERILLDoes not that mean—
§ Mr. SPEAKERThe hon. and gallant Gentleman is not asking for information, but giving it.