THE TROPICAL AGRICULTURIST. 
614 
[March i, >898. 
in the meantime serve to carry on a mistaken policy. 
I have said that the first cost of the machinery 
would be cheap at £10 millions. The late Finance 
Minister thought it might require £15 millions, 
other experts have not committed themselves by 
naming auy figure. They went no further than stating 
that the quantity of gold put down must be sub- 
tintial. A business man, I ihiuk, would come to the 
conclusion that not less than the full equivalent of 
the hoarded rupees, one-half of the exported, some- 
thing for the spurious and a quarter of the rupees in 
active circulation, would be sufficient — in round figures 
about £70 millions. The mint estimate of the gold 
in circulation in the United Kingdom is £91 millions, 
BO that our friends in Lombard Street would have 
some little difficulty in providing the accommodation 
we seek. I fancy both public and official opinion 
would be found in a very unprepared condition to 
receive our order. lamafiaid £10 million is about 
as much as India could afford to borrow for the pur- 
pose of rupee convertibility at present The Finance 
Minister is in immediate want of the sum to meet 
payments in London, and on the principle that charity 
begins aa home, he would, no doubt, put the cap- 
ability of the machinery to test, by being himself the 
first and only customer for the gold. Those who can- 
not put their rupees in the slot, might occupy them- 
eelves by considering to what extentthe diminution in 
balance of trade has during the past few months 
interfered, and will continue to interfere with the 
sale of Council Bills, and what period of time must 
elapse before the rupees in the treasury reserves are 
melted down and sold in the f>rm of silver bullion 
to meet current sterling expenditure. It may be 
interesting at this point to look back and examine 
the condition of India and Indian trade in 1892 before 
the closing of the mints. We find that the revenue 
was expected to be 249 lakhs more than anticipated 
in March, 1891. The losses due to the decline in ex- 
change and the falling-rff in land revenue were nearly 
made good by the remarkable improvement in rail- 
way revenue and by the increase under most of the 
heads of revenue. The increases were ascribed by 
the Finance Minister to che “ general progress of 
the country.” 
CHEAP SILVER MEANS PROSPERITY IN INDIA. 
Sir Richard Temple, who must be credited with 
having a wide experience of India, in referring to this 
Budget in the House of Commons on 17th June, 1892, 
is reported to have said 
” I" have heard many such statements delivered 
in this House, but have never heard one which has 
given me greater confidence in the future of Indian 
Finance, despite all sinister anticipations. Nothing 
could tend more to inspire confidence in the sta- 
bility of Indian Finance than the fact that, despite 
the enormou.B disadvantages which have to be conten- 
ded with, there is still a surplus. The Revenue has 
not only been maintained but it has gone on increas- 
ing. There is ample evidence of the good financial 
management of the country, and of the most satisfac- 
tory features of that management is that great pro- 
gress has been made in works of public improve- 
ment with very little addition to the public debt. 
The general prosperity of the country is shown in the 
extension of trade, agriculture, and other industries. 
There has been a maiked increase in the 
pepulation, every year adding two or three 
millions to the tax-payers of British India. 
There is a gradual reduction of the National Debt and 
of the interest upon it. Many have suffered from the 
fall in the rate of exchange, the cheapness of silver 
has somethin;! to do with the prospcriti/ that is shown hy 
theJludyct statement and has helped the people of India 
to hear up ayainst their misfortunes. So that 
if they lose, vn one way they qain in another. 
The lo-is hy exehanqe is recouped hy the ycncral pros- 
perity of the people to which, the cheapness of silver 
conduced These facts speak volumes for the im- 
provement of the country within this generation, 
and especially within the last fifteen years, and I 
think, the House is thoroughly to be congratulated 
on the existing state of things as shown by the 
prese_nt Budget. It is quite clear that those 
are best able to judge have come to the concln. 
^ou that the credit of India is good, and that the 
Government of the country is thoroughly to be re 
lied upon.” 
I would ask ycu to compare the foregoing with 
the remarks made by Sir James Westland a few 
days ago, on the existing condition of Indian Fin 
ances Not many weeks ago the Government de- 
privileges of his rank for 
alleged harsh treatment of his ryots. I wonder 
whether there IS any prospect of similar punishment 
being accorded to the authors of the 1893 policy 
The only sensible remedy to the present uufortn. 
nate position of India and of her traders is to eradu 
ally re-open the mints to the coinage of silver As' 
Loudon thinks in gold, let India think in silver 
Instead of borrowing or purchasing gold, let rnnees be 
sold in Calcutta, Bombay and Madras by weeklv ten 
der, the tenderer of the greatest weight in silver bnl'- 
lion for each lot, say of one lakh of rupees, becoming 
the purchaser. The Government could fix a limif 
from time to time under which rupees wonld nr,i- 
be sold, thereby establishing an automatic silver cur 
reucy regulated by the trade demand for money Thi^ 
with the application of the knife to certain of the 
home charges, would give to India the fullest measure 
of pro.sperity. lucasure 
India's great currency problem can be solved by her 
fields a,nd by her looms, and by them alone ^ 
Gentlemen, I must apologise for having taken un 
so much of your valuable time. My only excuse fo? 
having done so is that the interests of your Bank are 
indissolubly connected with the prosperity of Indian 
trade in all its branches. I cannot help feelinn that 
the high rates of interest now charged for accommf 
dation are telling very heavily on all the industrial 
undertakings of the country, leading gradually to 
the r decay and discouraging all effort in the d Lc 
tion of extension. unec 
PLANTING NOTES. 
Rubber-growing in Perak. -P lanters in 
Ceylon interested in this industry will eive 4 
tention to the useful Notes affording official ex 
perience in Perak up to the end of la.«t year 
prepared by Mr. L Wray, curator, and which 
will be found in our I’ropical Agriculturist. These 
noli3s are specially useful to compare with those 
given in the Ceylon Botanic Gardens and Forests’ 
Kepoias and the latest results of all will be Hven 
m a second edition of our Manual on “India 
Rubber and Gutta Percha” now being prenared 
Tea in AMERiCA.-The following if K the 
American Grocer of Jan. 5th ^ 
The estimated supply for the United States and 
Canada, seasons of 1897 and 1898 is 86,200 000 
against 93,551,357 pounds season 1896-97 ’ Total^oV^^ 
ments, as advised by mail January 1, were 75 298 ona' 
to be shipped, 10,901,096, of whi6h 6 485 5fil n a ’ 
are Formosa, showing a very backward movemeffi S 
the crop. From the estimated supply there 
taken the quantity of tea rejected ft all nm-tl * 
timated at New York alone at fully 5,000,000 pounds 
for the present season. It is also stated that 1 60^00 
pounds of Formosa yet to be shinned will 
up to present standard and is not hkel^to come‘^°f“® 
ward. The estimated supply of greef G 
pounds, against 16,316,906 last selson • 
42,500,000 pounds, or 176,418 nounds Ie=o’fL 
97; 17,500%0 pounds Pormosf 
1,494,324 pounds; only 200,000 pounds of 
1 152,846 pounds last season f 4,000,000'^^nndf®Fof 
ohow, an increase of 569,673 pounds • 9 000nnn ^ 2" 
of Congou, a decrease of 2^536’ paras^^^om® 
pared with the previous season. 
The above brokers’ statement fails to take and an 
count of the movement of Ceylon and Indie f I 
which 12,000,000 pounds were imported Iasi vo •’ * ^ 
the United States and Canada. ttticaHv^fhe 
opens here and in England much better than iSt /ean 
