Page:Indian Journal of Economics Volume 2.djvu/113

 CURRENT NOTES Nearly nine months having elapsed since the last Currert Notes w(re written, we have the opportunity of reviewing what has proved  be a striking period in the history of the nance and currency of India. The outstanding features are the success of the War Loan; growth of military expenditure on account of the British Government; an enormous absorption of silver by the population at large; the 'startling 'rise of the price of silver, leading to the raising of exchange to ls. 5d.--a figare which has not been t,uched for the quarter of a century--and o the Ordinances whereby of gold rupee notes on December 1st, which is already assured. Government compulsorily acquires all imports or silver; and finally. the issue of the one 1917, the increase of As a result of energetic canvassing for the Loan, and of special provident fund schemes sweep-stakes in addition to the subscriptions to the War erores on 81s July. subscriptions which War and the ordinary investment, Loan amounted to 38 The Post Office section received by 10th October amounted to