HC Deb 22 January 1913 vol 47 cc435-6W
Mr. RUPERT GWYNNE

asked the Under-Secretary of State for India if he will give the extract from the minutes of the Finance Committee of the India Council referring to the offer of Messrs. Samuel Montagu and Company to Sir Felix Schuster to purchase silver on behalf of the Government, and a copy of the resolution passed authorising the future purchases to be made through this firm?

Mr. HAROLD BAKER

submitted the following minutes:—

Recommendation of Finance Committee, dated 21st February, 1912:

The Finance Committee recommend that their Chairman, or in his absence, Mr. Currie, be authorised to arrange for the purchase of not more than £1,000,000 of silver, if he thinks fit, through such agency and in such manner as he thinks advisable. The Committee would draw attention to the importance of secrecy.

Approved Council,

27th February, 1912.

Recommendation of Finance Committee, dated 1st May, 1912:

The Finance Committee recommend that their chairman or in his absence, Mr. Currie, be authorised to arrange for the purchase of not more than £1,000,000 additional silver, if he thinks fit, through such agency and in such manner as he thinks advisable.

Approved Council,

7th May, 1912.

Recommendation of Finance Committee, dated 24th July, 1912:

It is proposed to ask Messrs. Samuel Montagu and Company to buy another £500,000 and to authorise the Chairman of the Finance Committee to order a further £500,000 when this order is completed.

Approved Council,

30th July, 1912.

Recommendation of Finance Committee, dated 21st August, 1912:

Finance Committee recommend that sanction be given for the purchase in London of a fourth £1,000,000 and that the Chairman be authorised to carry out the purchase as in the previous instances.

Approved Council,

28th August, 1912.

Resolution of Council, 11th September, 1912:

With reference to Council Minute of 28th August last, authorising the purchase in London of a fourth million of silver, it is submitted that sanction be given to the purchase of a further £1,000,000 and that, as in the previous instances, the Chairman of the Finance Committee be authorised to carry out the purchase.