HC Deb 05 August 1912 vol 41 cc2688-9W
Mr. TOUCHE

also asked the Under-Secretary for India the highest amount in gold held in India and England, respectively, on account of the gold standard reserve in October, 1907, and the lowest amount in August, 1908?

Mr. MONTAGU

The highest amount held in gold in India on account of the gold standard reserve in October, 1907, was £144,000. In August, 1908, no gold was so held. In neither month was any gold held in England on account of the reserve, all the sterling assets of the reserve at that time being in other forms.

Mr. TOUCHE

further asked the Under-Secretary for India whether, in the financial year to the 31st March, 1912, any part of the cash balances held in London represented sums withdrawn from India at a loss in exchange by Secretary of State sales in India under 1s. 4d.; and. if so, to what extent?

Mr. MONTAGU

Bills and telegraphic transfers on India to the amount of Rs. 67,42,000 were sold by the Secretary of State during the year 1911–12 at prices below 1s. 4d., namely, 1s. 3 31–32d. and 1s. 3 15–16d. The sterling realised was £448,446.