| Show SILVER IN INDIA THE international monetary conference is still an unknown quantity london and dresden are now BOW talked of ai probable places fat holding it in the former olty city the discussion of the ilver problem la Is earnestly carried on in the financial press the situation in british india la in also engaging attention it la is admitted that disastrous effects are being produced by the depreciation pr of silver and the irregularity or of indian exchange upon trade between england and the east in india public opinion its i clamoring loudly for reform native merchants mero hanta and traders are joining the european residents in the agitation Jor or reform sir david barbour who arthe chancellor of the exchequer in the indian government says saye 1 I have no hesitation in saying baying that a common standard of value for england and india is absolutely essential to the well being of this country and that by far the best beat and safest method of attaining so desirable a result is to the best beat of my judgment the adoption of the system of double legal tender by international agreement the continuance of the present state of things is ruinous to indian interests the fluctuations in exchange affect our trade most injuriously the theory that the evil effects of such fluctuations can be eliminated by the exchange banks is in not supported by facts for example a merchant in calcutta may simultaneously buy piece goods in manchester sell them in india and fix his exchange if exchange rises say 20 audia per er cent before the goods are paid for in india the indian purchaser finds that others can import the same goods 20 per or cent cheaper and undersell him to sat that extent IQ in such case the indian trader either suffers a ruinous loss lose or he breaks his engagement and refuses to take delivery he goes on to may bay that fluctuations of exchange under the present system are causing immense injury to the country the progress of road bull i ing is retarded and general distrust prevails prevail among capitalists as to embarking on any enterprises and all because of the fear of further depreciation of silver he states that almost any ratio between gold and silver would be gladly accepted if it were only permanent and stable bradstreets Brad 1 remarks that this statement coming from such a source has made quite an impression in england but the organs of the bankers and money changers still insist that the clamor in india comes from a few european merchants and opposes any reform in the prese arese it currency system of india public opinion there begins gins to take a different view and the question to is raised whether by a union of natives native and europeans on this issue a political awakening may not take place which ultimately would assume the shape of a pronouncement for autonomy |
