Page:The Annual Register 1899.djvu/364

 356] FOREIGN HISTOEY. [1899.

informed the Viceroy that the Government had decided to recommend the Indian Government to adopt this measure. Mr. Clinton Dawkins on September 8 introduced the Currency Bill in the Council at Simla, and the bill passed, September 15.

The British sovereign was made legal tender and current coin in India, and the mints were to be open to the unrestricted coinage of gold. Coins would be struck in India when the necessary machinery arrived, and meanwhile gold bullion would be received at the Indian mints. There was no obligation to give gold for rupees, but the Government would keep in view the attainment of practical convertibility at the earliest possible moment.

Financial. — Sir James Westland, the financial member of the Legislative Council on March 20 presented his Budget statement. The accounts for 1897-8 closed with a deficit of Rx.5,630,000, and the revised estimate for 1898-9 showed then a surplus of Rx.4,759,400. The estimate for 1899-1900 showed a surplus of Rx.3,932,600. Almost every department of revenue had improved during the current financial year, with less expenditure under most heads, but an excess of Rx.300,000 over the Budget Estimate was due to the plague. The railway memorandum annexed to the Budget showed that 1,451 miles of new lines were opened during the current year ; the total opened lines being 22,650 in extent. During the ensuing year 1,570 miles would be finished, leaving 1,859 miles to be completed in carrying out the sanctioned programme for the ensuing three years.

In the debate which followed in the Council there was a general recognition of the ability shown by Sir J. Westland in the management of the public finances during his term of office.

Some of the members advocated remissions of taxation, and Mr. Arthur, the representative of the Bengal Chamber of Commerce, strongly urged the reduction by half of the tele- graph rate between India and Europe and the immediate permanent convertibility of the currency into a gold inter- national standard of value. Replying on the whole debate, Sir James Westland said that the Government could not con- sider any remission of taxation until a general position of surplus was established. The question of a reduction of the telegraph rate was engaging the attention of the Secretary of State. In bidding farewell to the Council, Sir James expressed the hope that the season of prosperity would last long enough to enable the Viceroy to take up the many suggestions made during the debate. In summing up the discussion, the Viceroy said that he believed the rupee would retain during the ensuing year the position it had held during the past twelve months, and he himself should be disappointed if they were not able to invest the 16d. rupee with a greater durability than it had ever hitherto attained.