HC Deb 04 April 1913 vol 51 cc705-6W

asked the Secretary of State for the Colonies whether he is aware that, according to a recent statement in Messrs. Montagu's bullion circulars, our token silver currency to the value of over five millions sterling has been imported by the British Bank of West Africa chiefly for the Nigerias; whether he will take steps for the profit to the Treasury, amounting to some two and a-half millions, on this currency being paid over to the administration of these protectorates, seeing that the profit derived from the silver currency of another dependency, India, is treated as the property of that Government?


The suggestion of the hon. Member has been considered on more than one occasion. For the most recent discussion of the subject I would refer him to the Report of the West African Currency Committee, presented to Parliament in October last [Command 6426]. In the future, after the new local currency has been introduced into West Africa, the profit accruing will become the property of the local governments miler the conditions mentioned in the 25th paragraph of the Report.