21 MARCH 1896, Page 2

It should be observed, for it is most important, that

both Sir M. Ricks-Beach and Mr. Balfour spoke with strong dis- favour of the present Indian currency. Both evidently con- sidered that it was "inconvertible," the rupee being, in fact, a bank-note struck in metal, and received and paid by the State at a price artificially kept up through the closing of the mints.