failed · 1 January 1918
16 joint-stock banks fail
16 banks
Failures in calendar 1918
ReportedPeer-reviewed. Source: JB1945
Provincial governments / post offices · 1 January 1918
Provincial governments / post offices: Cash certificates sold through post offices during the 1917 War Loan: Rs 7,10,93,935 by 23 August 1918, plus…
71093935
Cash certificates sold through post offices during the 1917 War Loan: Rs 7,10,93,935 by 23 August 1918, plus Rs 3,21,99,550 through the Post Office by 29 August
ReportedPeer-reviewed. Source: SHAH1921 ch. XCVI
Government of India · 1 January 1918
Government of India: The greater part of the 1917 War Loan, "nearly 30 crores out of 50", was in short-term bonds "chiefly taken by…
300000000
The greater part of the 1917 War Loan, "nearly 30 crores out of 50", was in short-term bonds "chiefly taken by Banks and Joint Stock Companies"
ReportedPeer-reviewed. Source: SHAH1921 ch. XCVI
exchange rate
Raising of the exchange rate (2)
Minimum rate for immediate telegraphic transfers raised to 1s 6d, following the agreement with the United States for the purchase of silver from the dollar reserve at 101½ cents per fine ounce
VerifiedOfficial record. Source: BS1920 para 22
silver supply / Indian coinage
Pittman Act (United States)
Authorised the US Treasury to melt and sell not more than 350 million standard silver dollars; of 270 million fine ounces melted, India's share was 200 million fine ounces. Shirras calls it "undoubtedly the most important piece of currency legislation since 1893"
VerifiedPeer-reviewed. Source: SHIRRAS1920 pp.62-63; BS1920 para 23
silver and gold movements
Prohibition of export and melting of silver
Export and melting of silver prohibited (import of silver had already been prohibited); restrictions on the movement of gold removed only in September 1919
VerifiedOfficial record. Source: BS1920 paras 24, 31 and footnote to para 31
note convertibility
Restrictions on encashment of notes
From 1918 facilities for encashing notes at district treasuries were largely withdrawn; conveyance of specie by rail and river steamer prohibited and an embargo placed on transmission by post; in January 1919 daily issues of rupees to a single tenderer were limited. The result was a large substitution of notes for rupees as the common circulating medium
VerifiedOfficial record. Source: BS1920 para 29
