The Age Of Stars

Regions

In preparation

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Viceroys: Lord Elgin, Lord Curzon

The Age Of Stars

Silver rupee, Presidency Banks, and money drawn on India from London.

Vol. XXVThe edition of 1899 · Crown Rule18 records
Viceroys
Lord Elgin · Lord Curzon
Secretary of State
Lord George

Bank of Bengal rate

5.91%

−2.15 pts on 1898

Bank of Bombay rate

5.88%

−2.41 pts on 1898

Bank of Madras rate

6.05%

−1.75 pts on 1898

Indian currency reserves

Attempt to establish a gold standard (Gold Standard Reserve)

The Gold Standard Reserve was constituted from the profits of silver coinage and held in gold and British Funds in London; the India Office sold Council Bills against it. A scheme for a branch of the Royal Mint at Bombay to coin sovereigns (1899-1900) was tried and abandoned. Ambedkar's argument is that this transferred Indian seigniorage and reserve backing to London.

VerifiedOfficial record. Source: Statistical Abstract 39th number, table 83 (Gold Reserve Fund); ; TNA MINT 17/199 (Bombay branch) (dsal.uchicago.edu)

Banking

1 item

Gold Standard Reserve

Gold Reserve Fund: net profits on coinage

The Gold Reserve Fund was credited with net profits on coinage: £3,031,294 (1900), £415,100 (1901), £264,028 (1902), £2,627,575 (1903), i.e. the seigniorage on the rupees coined in those years.

VerifiedOfficial record. Source: Statistical Abstract 39th number, table 83 (dsal.uchicago.edu)

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