Viceroy: Lord Chelmsford

The Age Of Stars

Two wars, a central bank, and the sterling balances.

Vol. XLVThe edition of 1919 · War and Depression19 records
Viceroy
Lord Chelmsford
Secretary of State
Edwin Montagu
Finance Members
Lord Meston · H. F. Howard

Bank of Bengal rate

5.62%

+0.08 pts on 1918

Bank of Bombay rate

5.64%

+0.1 pts on 1918

Bank of Madras rate

6.65%

−0.2 pts on 1918

Government of India · regulation · 1 January 1919

Government of India: Daily issues of rupees to single tenderers of notes limited, to satisfy large demands in part and small…

Daily issues of rupees to single tenderers of notes limited, to satisfy large demands in part and small demands as a rule in full

VerifiedOfficial record. Source: BS1920 para 29

Banking

11 items

Government of India · 16 June 1919

Government of India: Announcement of a 5 per cent income-tax-free Loan issued at Rs 95, repayable at Rs 100 in 1945-1955; war bonds…

Announcement of a 5 per cent income-tax-free Loan issued at Rs 95, repayable at Rs 100 in 1945-1955; war bonds accepted at par as cash; a sinking fund of 1½ per cent of the loan set aside annually; subscriptions unlimited and receivable at Presidency bank offices, the Controller of Currency, treasuries, sub-treasuries and post offices

ReportedPeer-reviewed. Source: SHIRRAS1920 p.335

exchange rate

Raising of the exchange rate (3)

Removal of American control over the export of silver raised the silver price and necessitated a rise in the minimum rate to 1s 8d

VerifiedOfficial record. Source: BS1920 para 22

monetary system

Committee on Indian Exchange and Currency (Babington Smith Committee) appointed

Appointed 30 May 1919 by the Secretary of State to examine the effect of the war on the Indian exchange and currency system and practice and upon the position of the Indian note issue, and to recommend modifications with a view to "ensuring a stable gold exchange standard". Held 40 meetings and examined 28 witnesses; reported 1920

VerifiedOfficial record. Source: BS1920 terms of reference and paras 1-3

exchange control

Council drafts by competitive tender

From 10 September 1919 drafts sold by open competitive tender subject to a minimum rate and a 20 per cent per-applicant weekly limit; the weekly amount fixed by the Secretary of State

VerifiedOfficial record. Source: BS1920 para 21

exchange rate

Raising of the exchange rate (4)

Minimum rate raised to 1s 10d

VerifiedOfficial record. Source: BS1920 para 22

exchange rate

Raising of the exchange rate (5)

Minimum rate raised to 2s 0d

VerifiedOfficial record. Source: BS1920 para 22

exchange rate

Raising of the exchange rate (6)

Minimum rate raised to 2s 2d

VerifiedOfficial record. Source: BS1920 para 22

exchange rate

Raising of the exchange rate (7)

Minimum rate raised to 2s 4d, with reverse immediate telegraphic transfers to be sold at 2s 3 31/32d if demanded. Exchange had thus been raised by successive steps from 1s 4d to 2s 4d

VerifiedOfficial record. Source: BS1920 paras 22, 31

gold market

Free market for gold revived

The revival at the end of July 1919 of a free market for gold provided an alternative method of remittance and facilitated the return to more natural conditions

ReportedOfficial record. Source: BS1920 para 21

customs tariff / industry

Export duty on raw hides and skins

New principle in the Indian tariff: an export duty put forward frankly as protection for the Indian tanning industry, with a rebate of two-thirds of the duty on hides and skins exported to the Empire and there tanned

ReportedOfficial record. Source: FISC1922 ch. I para 24

fiscal policy

Fiscal autonomy recommendation

Joint Select Committee on the Government of India Bill reported 17 November 1919 recommending a declaration of fiscal autonomy, in response to Indian witnesses

ReportedOfficial record. Source: FISC1922 ch. I para 3

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