§ Sir G. SCOTT ROBERTSONasked the Under-Secretary of State for India the cause of the diminution of sovereigns and half-sovereigns and the increase of silver rupees in the Paper Currency Reserve of India; how do the totals of each compare with the corresponding period of last year; is the import of gold into India greatly checked, and, if so, why; are the imports other than gold much increased; and are India's requirements of gold for the making of ornaments and for hoarding being met mainly from the Paper Currency Reserve of sovereigns and half-sovereigns?
§ Mr. C. ROBERTSThe sovereigns and half-sovereigns in the Paper Currency Reserve amounted to £11,828,000 on 22nd June, 1914, against £17,200,000 a year previously, and the rupees to 2,659 lakhs, against 1,741. The movements shown by the figures are the result of many causes, among them being the unusually large importation of merchandise in 1913–14, which must have checked the importation of gold and the coinage of new rupees which took place last winter. I cannot say to what extent sovereigns and half-sovereigns from the Paper Currency Reserve are used for making ornaments or for hoarding, but, as more than £7,000,000 in gold bullion was imported in each of the last two years, it is probable that a considerable part of the demand for the purposes mentioned was met from that source.