29 AUGUST 1925, Page 24

POINTS FOR CONSIDERATION.

Both from the Terms of Reference and the character of the Commission itself, it will be seen that irrthis great question of currency the interests of India are to be placed first and foremost. This, of course, is as it should be, for we know how much a sound or an unsound currency may affect for good or for ill the political and social life of a community and, while it is quite true that India is part of the British Empire, it is equally true that the prosperity of that Empire must always depend upon the welfare and well-being of each individual Dominion. It is certainly high time that such a Commission was appointed, for the decision a few years back to fix the rupee at 2s. was obviously founded on a consideration of wholly abnormal conditions, and the present position is an illogical and impossible one. Now, however, that the whole position is to be overhauled, doubtless with a consideration at close quarters of the position both from the London and the Indian standpoint, not only the value of the rupee will have to be determined, but even such larger questions as to whether it is to be linked to sterling or whither India is to go on an independent gold standard such as that enjoyed by Canada, Australia and South Africa. Nor is it likely that the advan- tages of removing the currency control from the hands of Government to those of a Central Bank will escape con- sideration, for experience has conclusively demonstrated that control by a Central Bank rather than by the Government is the greatest safeguard against any possible abuses. I hope to return to this subject of the Indian Currency Commission on a subsequent occasion.

A. W. K.