§ 50. Colonel WEDGWOOD
asked the Prime Minister whether His Majesty's Government have considered the effect upon our export trade to India of the pegging of the Indian exchange at 1369 1s. 63/16d. to the rupee; whether they intend to continue this arrangement till the Indian Currency Committee make their Report; and how long this is likely to be?
§ The UNDER-SECRETARY of STATE for INDIA (Earl Winterton)
I have been asked to reply. Pending the deliberations of the Royal Commission it would obviously be unsuitable for Government to commit itself on the matter to which the right hon. and gallant Member refers. The Commission has just entered on its work in India and it is impossible to predict the date when their report will be presented.
§ Colonel WEDGWOOD
Is the question on the Paper any cause of the rise of the rupee to-day, and has the pegging taken place?
§ Earl WINTERTON
The word "pegging," as used by the right hon. Gentleman and as used by my hon. Friend the other day, does not seem to me to be an accurate description of the situation. As to whether the fluctuation of the exchange is due to the action of the right hon. Gentleman, he is a better judge of that than I.