HC Deb 31 July 1918 vol 109 cc445-6W
Mr. R. GWYNNE

asked the Secretary of State for India what is the current price in rupees to-day paid for a sovereign in Bombay and for an ounce of silver bullion?

Mr. MONTAGU

According to the latest information received the bazaar price of sovereigns was about Rs. 19, and the quotation for bar silver Rs. 115 per 100 tolas fine.

Mr. GWYNNE

asked whether the Indian mints are now coining Indian silver bullion or bangles; and on what terms?

Mr. MONTAGU

The Indian mints are coining silver bullion. Bullion is at present being purchased for coinage at the equivalent of one dollar per ounce 1,000 fine both in America and Australia. The output of the Bawdwin mines in Burma is being bought under contract at the same price. In April last the Government of India bought up the available stock of bar silver in Bombay at prices ranging from Rs. 109.3 to Rs. 113 per 100 tolas fine, the rupee fineness being eleven-twelfths. No bangles have been bought.

Mr. GWYNNE

asked whether the Indian mints are now coining a gold currency for India; and whether such a currency is opposed to the Report of the Indian Currency Commission of 1913, and calculated to increase the drain of our gold to India?

Mr. MONTAGU

The Royal Commission saw no objection in principle, either from the Indian or from the Imperial standpoint, to the establishment of a mint for the coinage of sovereigns and half-sovereigns. The special circumstances which have led to the minting of a gold coin other than the sovereign were explained in the answer which I gave to the question of the hon. Member for East Nottingham on 26th June.

Mr. GWYNNE

asked how much gold India has imported from the United States of America in the past two years?

Mr. MONTAGU

During the two years ending 31st March, 1918, gold to the value of £3,371,652 was imported into India from the United States of America.

Mr. GWYNNE

asked how much gold India has imported in the twenty years since her standard of value was changed from silver to gold in 1898, and how much gold did she import in the period 1878 to 1898?

Mr. MONTAGU

£253,625,656 worth of gold was imported into India during the period 1898–1918, and £52,563,303 worth during the preceding twenty years.

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