§ Mr. BARTLEY DENNISSasked the Chancellor of the Exchequer what was the per capita circulation of silver before 1910; and how much it is now as shown by the Mint Returns?
Mr. CHAMBERLAINThe per capita circulation of silver coin in the United Kingdom is estimated at about 11s. in 1910 and about 27s. 6d. now.
Mr. DENNISSasked the Chancellor of the Exchequer what was the profit to the Treasury in 1915 and 1916 on the coinage of silver; what will be the profit when the amount of the silver is reduced in the coinage under the Silver Coinage Bill when passed; and whether 5s. notes would sufficiently achieve his purpose and yield a large profit in addition?
Mr. CHAMBERLAINThe profit on silver coinage was £4,094,378 in 1915 and £4,445,586 in 1916, the issues in these years being exceptionally large. It is not possible to say what it will be on the new coin, as that depends on the amount of coin issued in any given year and the price at which the necessary silver can be obtained. Five shilling notes would not obviate the necessity of coining smaller denominations of silver coin, and would be open to many objections which do not apply to metallic currency.
Mr. DENNISSasked the Chancellor of the Exchequer whether he has considered the effect of the introduction into the Nigerias of a five-tenths in place of a nine-tenths English silver coinage; and whether he will make up any loss to the native holders of English coins saved up by them when the contemplated new English silver coinage is introduced into those colonies?
Mr. CHAMBERLAINThese are matters for the consideration of the West African Currency Board, which is responsible for the currency of Nigeria, and to whoso reserves profits on existing West African silver coinage accrue. It is not likely that any of the now British silver will be bought by the Board for issue in West Africa.