A supplement to the Gazette of India, dated 26th June, contains the full text of the report of the Indian Currency Committee, dated India Office, Slat May, 1893, The Committee consisted ut Lord Herachell, Mr. Leonard Qourtney, Sir T, H. Farrer, Sir R. E. Welby, Mr. A. Godley, General Strachey, and Mr, B. W. Currie. The Singapore Free Press gives the following precis of the report Question,—Considering the financial difficulties the Government of India experiences through the heavy fall in the gold value of silver, should the Government be allowed to'stop the free coinage of silver and introduce a gold standard?
What are the financial difficult crease in number of rupees to discharge gold obligations, Ra, 8,700,000 more than if exchange had stopped where it was 1873. Deficit of Rs. 1,081,900, Prospect of farther fall r.—Production from 2,450,252 kilos in 1876-80 to 4,900,000 kilos in 1892, Price fallow from 52 9-16d, per oz. in 1878 to 44 11-16d, per oz, in Feb., 1890; then 548d. in 1890 to 37 11-16d, now. Although price of silver his con: tinued to full, yet production has increased. Repeal of Sherman Act might cause price to fall to Gd. an ounce.
Effect of fall on Inutia and its Commerce, =If exelinnge hud not, the gold price of Indian products) would not Lave. fallen, Fluctuations harass trade; even if provision can be made through the banks, it hus to be paid for. Fluctuations add' to the riske of trade. No evidence that a falling exchange influence either of imports or exports, change has checked investment and renders it dilticult to g-t and keep European employes, The open mints have depreciated silver in India, which has become surfeited with the metal, Prices in India seem to be rising.
Proposals of Indian Governnent—Stop free coinage of silver. Open mints to free coinage of gold, subsequently: a Rs. 10 and Rs, 20 gold piece=3 geld in w sovereign and If respectively, ut 1s, 4d, Guld coin not to be substituted for wr coin, but old standard for w silver standard, ance, the bulk of the eirculxtion would be silver, to a gold standard, Silver to be bought for gold whenever possible. If not enough gold, that would be a sign that there was a redundancy of rupees, Therefore contract the rupee currency.
Effect of proposals." All the factors of the problem are so uncertain that it is impossible to predict with xny confidence or in numerical terms what the effect would be on the value of uncoined silver, The greater the effect, the greater, ut rse, would be the difference between coined and uncoined silver in India, und the greater the dangers, whatever they might be, that would arise from that source."
Systems of Qurrency.—A full and interesting account is given of the different currency systems of different nations, From an exunination of them it is deduced time it is possible to introduce a without a gold circulation. without-" large stuck of gold currency and even without the legal convertibility of an existing silver currency into gold,
Text read from the printed page and cleaned; old type leaves the occasional error.