It is a peculiar coincidence that, almost simultaneously with the raising of this question the writer treated the identical topic in these weekly reviews. Quite independent from the proceedings in the Delhi Assembly, we were trying to fathom out why the proceeds from silver sales were not employed for the acquisition of gold bullion. It is therefore of double interest to quote the inquiry of Deputy G. D. Birla, who asked:
Will the Honourable member say why the proceeds of silver were not utilized in purchasing gold bullion instead of silver securities?
Sir George Schuster replied follows: It might probably interest the House to hear the figures of the holdings of gold, gold securities, and silver as they stood in Juno, 1927, when the policy of selling ail-ver was first commenced, and 28 they stand to-day.
Total gold 11043 In conclusion, Sir George stated that the Government still considered the formation of a special bank of issue desirable. According to the original recommendations of the Currency Commission, the goid holdings should be brought up te 20 per cent. of the liabilities of the issue department after the end of the fifth year from the formation of the Bank, and to 25 per cent. at the end of the tenth year. In no ease should the gold toldiogs be less than 30 crores. local surtaxes, have been meeting with success In addition to the salt duty proper, various surtaxes which had sprung up within the last few years have now been consolidated with the salt duty and are being collected by the Salt Inspectorate.
The Government has arranged to pay this month coupons 41 and 42, due in March and September, 1929, on the Anglo-French loan of 1908, and also the instalment of principal of £950,000 due in September, 1928, Surtaxes Consolidated
Text read from the printed page and cleaned; old type leaves the occasional error.