ys, #10000 Mex We have often availed ourselves, of the opportunity to point out the most salient features of the Indian Reserve Bank Bill, s0 that there is no need to enter once more into details. The Bill originally was introduced into the Delhi Assembly in January, 1927, but it failed to pass then. Many alterations and Rew features have been made to the Act since then, of which one needs to be mentioned here. In consideration of the fact that it will prove: Impossible to sell the Treasury's surplus silver within 10 years, with. out seriously upsetting the world's markets,—and furthermore, in view Banque Belge Pour Y'Etranger of the desirability that the Reserve Bank exchange silver coins freely, 453 Et/ it was proposed that the limit 824 $1) iver to be held in reserve should be raised by 25 crores of rupees. Subsidiary Coin Exchange The original Bill provided a re-be. ano Chinas it duction of India's silver reserves (within 10 years)" to 260 lakhs of rupees; the new Act called for a final reserve of 500 lakhs of rupees, (within probably 14 years.)
Now that the Reserve Bank Bill has been defeated it does not follow India will not sell surplus sil-It is almost certain that she will do this. Whether the initiative will emanate from the Treasury department, or whether the Imperial Bank of India will act on the Government's behalf, is immaterial to Native Interest (Per Day) the problem.
In last week's review figures were given, indicating Bombay's imports and off-take of bar silver Now 'Afternoon Morning '50.02 por '£1,000 the total of British India's 0.02 per £1,000] imports of bar silver during' gross 1027 hag been made available from Customs Feb, Exchange Rates data supplied by Messrs. Premehand Roychand & Sons, Bombay. Expressed in fine ounces these amount~ 8 ed to 112,148,844 o. during the past year, a figure which is well above the average of the past few years. {It should be mentioned here that, in the course of 1927, India rejpped about 12 million ounces of Iver to China.
Text read from the printed page and cleaned; old type leaves the occasional error.