Tas figures which we tuke to-day from Mr. Yale's note to the Benge! Chamber of Commerce are supplemented by that gentleman by rgumente deduced from other conditions of Indin, besides ite import and export trade, all going to prove that low exchange, or cheap money, lins chiefly contributed to the present satisfactory improvement in the country and is necessary to continuance, For one thing, be makes it perfectly clear that except for the low price of silver, India would be enable to compete with the United States, Canada and Russia, in the European wheat markets, To this an objection ins been commonly offered that it makes no difference whether 8000 rupees worth 1s. 4d. be paid or 5,300 worth 2, to whioh he saya a sufficient answ that if there be no difference the agitation to raise the sterling price of a rupee is @ fruitless one, But he argues that the treer anewer would be that the choice as far as Indin is concerned is between 8,000 rupees al 1s, 4d, and none at all that are worth 2a; and that the expenditare on usefal prodaotive works in India being in rupees, if the receipts from them fall short of the necossury outlay, the production will cease, It is a low exchange which has brought land into cultivation and which alone will keep it cultivated, and on the veatoration of the old two shilling rape minder will get no rent, the labourer no wages, jute mille we custom for bags, railways no freight, merchants no profits, ships no cargo; the English operative will pay more for his loaf and have uc custom for his fubrica, Mattere would probably not be ea bad as that, but " very grent reatriotion on Boglish trade wilh India would ensue, and Lancashire millowners and opera. tives and shipowners generally would feel the change first and moat severely, Dealing with the so-called loss by exchange, about which Indian offciale take such an onlory, he shows that while the uowinal loss to the Govern" ment has increased £1,200,000 1879, the increase of expenditure under other headings has been £14,128,000. Part of the cust of exchange he holds to be of the same nature as the cost of a fertilizer to @ farmer, and shows how the revenue from railways, canal, customs and excise, are traceable to the low exchange and compensate for the so-called loss by exchange.
About the same time in November presented, Mr. Cotton, of extreme views whose work on India we noticed some months ince, addressed the Bethune Society, in Caloatta, on " Technical Education, or the Indian Revelation in the Eoonomio Aspect." Mr. Cotton holds that the spectacle of an Indi exporting her raw materials to Englan
Text read from the printed page and cleaned; old type leaves the occasional error.