1H 
THE TROPICAL AGRICULTURIST. 
To A. Ronaldson, Esqr, Secretary, U nited Planters’ 
Association of Southern India, Madras, 
Kandy, Feb. 23rd, 1898. 
Dear Sir, — Your letter of the lith instant, with 
enclosure on the subject of the recent flnancial policy 
of the Indian Government in endeavouring to create 
an artificial rate of exchange, and inviting co-opera- 
tion and support in representing the Producer’s in- 
terests to the authorities, I know write to say that 
your communications were considered at the Annual 
General Meeting of the Planters’ Association held 
on the 17th instant, and I confirm my telegraphic 
advice to you thereafter as follows : — “ Letter re- 
garding Currency Question duly received, resolution 
passed at Annual General Meeting resolving to co- 
operate in representing Producer’s interests to autho- 
rities.” For your further guidance, I now annex 
copy of the resolution above referred to, and would 
add that a further communication will be addressed 
to you later. — Yours faithfully, 
(Signed), A. Philip, Secretary to the Planters’ Asso- 
ciation of Ceylon. 
RESOLUTION REFERRED TO. 
“ That the Association recognising the extreme 
gravity of the existing conditions of exchange re- 
solves : — 1. T® join the United Planters’ Association 
of Southern India in representing to the authorities 
how disastrous to the interests of the Producer, Eu- 
ropean and Native, the artificial high rate of exchange 
has been. 2. To impress upon the Ceylon Association 
in London how essential it is that they should at 
once take steps to see that the Producer’s interests 
are not thoughtlessly sacrificed in such a vital 
matter.” 
( Copy. ) 
United Planters’ Association of Southern India. 
Madras, 25th February, 1898. 
The Secretary, Ceylon Planters’ Association, Ceylon. 
. Dear Sir, — I duly received your telegram of 22nd 
instant reading ‘‘Lettter regarding tcurrency question 
duly received resolution passed a annual general 
meeting resolving to co-operate in representing pro- 
ducer’s interests to authorities,” for which 1 aw much 
obliged. — I am, dear sir, yours faithfully, 
(Signed) A. Eonaldson, Acting Secretary. 
The Secretary, Planters’ Association of Ceylon, Kandy, 
Dear Sir, — I thank you for your letter of the 23rd 
instant, and I am pleased to leara the terms of the 
resolution passed by your Association at its annual 
general meeting, in support of the action which we 
propose should be taken to bring about a change in 
the Indian Government’s present currency policy. 
I enclose, copy of a letter addressed by my hair- 
man to the Government of India^ giving expression 
to our views, and probably the views of all producers 
and exporters on the subject of the present artificial 
value of the rupee. This letter was necessitated by 
a communication addressed to that Government by 
the Madras Chamber of Commerce in favour of the 
Lindsay Scheme and it was felt that if we did not 
now raisfe a protest we might not have an opportunity 
to do so later.— I am, dear sir, yours faithfully, 
(Signed) A. Ronaldson, Acting Secretary. 
( Copy of Enclosure.) 
From George Homily, Chairman, U. P. A. S. I., 
To the Secretary to Government of India. 
Financial Department, Calcutta. 
Sir,-^As we observe that the Madras Chamber of 
commerce has recently laid its views on the currency 
problem before the Government of India, and as we 
note with alarm that it advocates the adoption of 
what is known as the Lindsay Scheme for establish- 
ing a gold standard and thereby fixing the rupee at 
ab 9 ut Is 4d, I now have the honor to submit for the 
ooasideratiou of Government the views of this Asso* 
[April i, 1898 . 
ciation on the subject, representing, as I b’liev* 
they do, not only the interests of the educated Euro- 
pean and native panters whom I have the honor to 
represent, but also the interests of the voiceless 
millions of native cultivators who are as yet unawaro 
^ burden under which they are laid 
if Chamber of Commerce ” that 
if India IS to be saved from ruin, if she is to 
capital is absolutely necessary to 
develop her great resources but we go further than 
this, aud maintain that not only cheap capital is 
necessary bat also a rupee at its natural value in 
order that the export trade, which is the backbone of 
the prMperity of India, may not be handicapped 
3. Our two chief industries are the growing of 
tea, and coffee. Our teas have to compete with J^an 
and China. Japan has recently adopted a gold 
(doubtless haWng 
that and other competition in view), at the nreaenr 
ow rate ru ing in silver standard countries^ and“a 
for all practical purposes one of them. China has 
a silver standard, and a practical illustration of Lr 
favoured competition with India was recently afforded 
by the starting of the Foochow Tea Improvement 
Company, which in its prospectus lays stress on 
the advantage China now has over India and Cevlon 
in cheap silver, the exchange value of the rupee 
exceeding that of silver fully 25 per cent.” Iu? 
taking the present intrinsic value of the rupee at 
between 9d and lOJ and the exchange value at la 4d 
60%Tceut China amounts to 
In like manner our coffees have to compete with 
those of Brazil and Central American States. Bra- 
zil has nominally a gold standard, but owing to bad 
financing the Milreis, its standard coin, has fallen 
in value during the past ten years from 27d to 
between Sd and9d so that for all practicaTpu™ ' 
Brazil 13 a country with a currency on a level with 
that of all silver standard countries. Costa Rica and 
the other coffee exporting countries of Central 
America have a silver standard, and consequently with 
Brazil, enjoy the same advantages in their competi- 
Chambp of Commerce admits 
_ that Indian Producers will be heavily handicapped 
countries by a fixed la 
4d rupee , but to attempt to fix a lower standard does 
not seem to be within the limits of practical politics.” 
It IS this prejudication which we would oppose. In 
® solution of the present diffl. 
reopening of the mints. We believe 
that if this were done a great stimulus would be 
given to the export trade of the country and 
capital would be again attracted, The only ob- 
stacle, which unfortunately has been allowed to 
overshadow the whole question, is the loss that 
would be entailed on the Government of India by 
its home charts This, we believe, would be largely 
compensated by the increased trade and prosperity 
o the country but if fresh taxation became nS 
sary to meet the requirements of Government, we. 
as producers, would prefer to submit to a small direct 
export tax on our produce than to have to struggl} 
against the recent crushing handicap in favour^of 
produce from silver using countries.— I have the 
honor to be, sir, your obedient servant, 
p.ph oI ,our leu,r „[ if,. 3l>l JamA® S ■’".'T 
whatever comb n.tipri may be deJmed advisable fo? 
the tuc-poae 9 f relreseatiug tg the Imperial ^ 
