§ 44. Mr. FREEMAN
asked the Secretary of State for India whether he will state the amount of gold held by the Government in India and the measures proposed for maintaining the value of the rupee?
§ Captain MARGESSON (Lord of the Treasury)
I have been asked to reply. The amount of gold held by the Government of India in India on the 15th September, 1931, was £31,092,000 in addition to which sterling securities and gold now held in London amount to approximately £12,250,000. In addition to the above amounts held in the Reserves approximately £6 millions are held in London on Treasury account. The maintenance of the exchange value of the rupee will be secured on lines hitherto followed.
§ Mr. FREEMAN
Is the hon. Gentleman aware that this artificial maintenance of the level of the rupee at 1s. 6d. and now linking that to sterling is considered to affect adversely conditions in India?
§ Captain MARGESSON
Obviously that does not arise out of this question, but the point put by the hon. Member will be referred to my right hon. Friend.