Page:Indian Journal of Economics Volume 2.djvu/433

 GURRENT NOTEB 415 Purchases of wheat have been made in Australia mainly for use of the armies in India and Mesopotamia. General imports having been on a fairly high value during 1918, the balance of trade showed some signs of turning against India in the autumn, and the Government of India undertook to sell sterling transfers to the amount of one.million pounds per week. The rate of exchange has remained at Is. 6d.; and it appears to figure so long at 48 pence or India be the policy of Government as the price more. The has continued upwards to keep of silver tendency except in it at this remains firm of. prices in the case of cotton cloth, the market for which collapsed suddenly on the announcement of the conclusion of Armistice with Turkey cloth control of standard cloth upon the in October scheme and of cotton piece-goods fell by in the bazaars throughout the of the cloth being necessary gency has the United and a small percentage under Control to manufacture and in view of the cotton the imminence of placing market. As the prices thirty or forty per cent country, the application Government scheme for the sale of standard was suspended, the administrative machinery kept in readiness for application should it be owing to prices rising again. This contin- arisen in Bihar and Orissa and parts of Provinces at the end of January; 1919, put looms is now being standard cloth. The most serious economic disaster from which India has suffered for many years was the great epidemic of influenza which began its second, and more serious, visitation in Bombay in September last and then spread rapidly almost throughout the whole of India. It