§ Mr. TOUCHEasked the Under-Secretary for India what is the present depreciation in the value of British Government Securities held on behalf of the Paper Currency Reserve and purchased when it was provided that not more than 200 lakhs was to be in such securities?
§ Mr. TOUCHEalso asked what is the present depreciation in British Government securities held in respect of the Paper Currency Reserve in excess of the 200 lakhs formerly authorised to be invested in such securities?
Mr. ROBERTSThe present depreciation of the securities in question—i.e., of securities of the British Government purchased in April, 1011, under the Indian Paper Currency Act of that year—is approximately £106,000.
§ Mr. TOUCHEalso asked how much of the Paper Currency Reserve is now held in London; how much is in gold at the Bank of England; and how much is in British Government securities?
Mr. ROBERTSThe amount held in London is £8,766,666 13s. 4d., of which £0,100,000 is held in gold at the Bank of England, and £2,666,666 13s. 4d. (the equivalent of 40 millions of rupees) represents the sum expended in the purchase of securities of the British Government.
Mr. TOUCHE nextasked what would be the difference in value at present market prices, and the difference in annual interest receivable, if the second 200 lakhs belonging to the Paper Currency Reserve authorised to be invested in 1872W British Government securities had been invested in 3½ rupee paper bought in India at prices current at the time when the securities now held were purchased?
Mr. ROBERTSIn the hypothetical case stated the value of the securities at present market prices would have been greater by £101,840, and the annual interest receivable larger by £7,742.