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It is reported that 'Sir Basil Blackett, one of the ablest officials- at the Treasury until he was appointed Finance Member:Of Council in India, has sent in his resignation of the offiee he has held there with conspicuous success. Whether it will accepted or not we do not know.' Nor can we say at Present whether it was due to a difference of opinion with the India Office here or whether we need look for a cause no further than to the known difficulties over the formation of an Indian Reserve • Bank. The Currency Commission recommended the establishment of a Reserve Bank which would greatly increase the financial freedom and autonomy of India. A Bill was accordingly drafted, and very wisely it excluded so far as possible the risks of political influence on the Board of Directors. But upon this point and several others a joint committee of both Houses of the Legislature foolishly demanded amendments. Sir Basil offered con- cessions, but the Committee showed such obstinacy that the Bill is to be withdrawn either permanently or for further consideration. The jealousy felt elsewhere against the financiers and mill-owners of Bombay, which was evident when the " safeguarding " of the cotton, industry was under discussion, has reappeared in this matter of the direction of the proposed Bank.
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