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Indian Goverment due to its heavy amual gold
payments on account of loans, salaries, pensimm
etc etc.
Hongkong may in time reach such a desperate
position but this is happily as yet a long way
from being forced upon her.
To attempt to draw a parallel between the
financial condition of the Indian Empire with
its large trade with gold using countries, its
gold liabilities and a population or over 200
million, and Hongkong which has none of these
things and is only a port of call for trade,
chiefly with China, is to obscure the point at
issue.
When we came to the vital question as to
what change, if any, in our currency is to be
made, and how it is to be brought about, the
greatest possible difference of opinion appears
to exist.
Mr.Play fair and
Mr.Michael are in favour of
a fixed ratio between gold and silver but while
the former says the change must be arranged
secretly and brought into force at short notice,
the latter considers it should be done gradually.
Mr.Wilcox suggests fixity of exchange but
has not shown us how it is to be carried out.
As fær as can be gathered from Mr.Osborne's
remarks he has not followed this part of the
question to a conclusion and indend appears to
treat it somewhat vaguely.