[75] For a fuller discussion of this question in relation to the events of 1907–8, see my article on “Recent Economic Events in India” in the Economic Journal, March 1909.
[76] Aggregate exports of Indian produce and manufactures: 1906–7, £115,625,135; 1911–12, £147,813,000.
[77] The Government of India stands in a particularly strong position in this respect, because few countries have so good a market for their loans at a foreign centre as India has.
[78] In continuation of what has been said in § 4.
[79] See Brunyate, loc. cit. chap. vii., from which the greater part of what follows is summarised.
[80] All this refers to the balances at the Head Offices. “There is no limit to the Government deposits at branch offices. But the latter are held absolutely at call, and in actual practice are removed with the utmost freedom.”—Brunyate, loc. cit. p. 98.
[81] See table given on p. 204.
[82] The exceptional circumstances of 1913 are dealt with in Chap. VIII.
[83] See Report of Comptroller of Currency, 1911–12: “In July the balance generally reaches its highest level. From July onwards until December the revenue collections are comparatively small and the balances steadily go down till they reach their minimum level in November or December. After December the surplus revenue receipts far exceed the demands for expenditure.”
[84] See also Lord Inchcape’s letter to the Times of November 12, 1912. I forbear to enter in detail into what is not, in reality, one of the truly vital aspects of Indian Government Finance.