§ Mr. GWYNNE asked the Secretary of State for India whether his attention has been called to the statement of the Exchange Telegraph Company on the 29th June that India's balance of trade 1253W for April is in her favour to the extent of 654 lakhs; how much of this excess of exports over imports refers to this country; whether it is paid in gold; and, if so, what is the equivalent of 654 lakhs in pounds sterling at the present rate of exchange?
§ Mr. MONTAGU: India's net exports of merchandise on private account amounted in April to 6.87 lakhs. This information was reported by telegram by the Government of India, but as the detailed figures have not yet reached me I am not in a position to state what share in this trade balance relates to trade between India and this country. Exports and imports of commodities form, however, only one element in a country's international account, and during April there was a steady demand for remittance of funds from India to London. In April the net imports of gold into India on private account amounted only to about 14,400 fine ounces, being the equivalent of about 61,200 sovereigns.