HL Deb 24 January 1946 vol 138 cc1117-8
LORD BEAVERBROOK

My Lords, I beg to ask the first two questions standing in my name.

[The questions were as follows:

In view of the fact that the Indian note issue on August 25, 1939, was equivalent to £163½millions, and on December 28, 1945, was £916½ millions; to ask His Majesty's Government what was the total of the Indian note issue as at January 18, 1946.

Whereas it appears that the holding of sterling securities by the Reserve Bank of India as cover for the note issue amounted to approximately £45 millions on August 25, 1939, and £828¾millions on December 28, 1945; to ask His Majesty's Government what is the present total of sterling securities held for that purpose in the Issue Department of the Reserve Bank.]

LORD PAKENHAM

My Lords, with the noble Lord's permission, I will answer these two questions together. The return of the Reserve Bank of India for January 18 was as follows: Total note issue,£937 millions; Sterling assets in Issue Department, £852 millions.