A hundred years ago DEC. 23, 1920 Archives

From the Archives (December 23, 1920): Currency operations(From an editorial)

Mr. Alder’s report on the operations of the Currency Department during the year 1919-20, which is now available to the public, is an interesting record. It, of course, leaves the sensational story of the varying fortunes of the rupee exchange at an abrupt stage, at a stage, that is to say, where the rupee, having reached the topmost point up the steep, had begun to slip down the slope on the other side with a velocity which the very heavy sale of Reverse Councils, meant to check it, only hastened its downward course. The story, however, affords to the student of currency and exchange interesting lessons, the more so as this surprisingly downward movement took place in a year and at a period when the balance of trade in favour of India was a very marked record. In the year under report, the gross exports of private merchandise amounted to 327·08 crores. Against this is to be set the figure for the gross imports of private merchandise which was 208·00; or, excluding from this, as we must do, the figures for Government transactions which are not settled through private remittances and do not affect the balance of trade, the imports amounted to, we note, 200·8 crores. The net excess of exports over imports, or the net balance of trade in favour of India, was thus 126·2 crores.

Related Topics
This article is closed for comments.
Please Email the Editor

Printable version | Jan 28, 2022 12:08:48 PM | https://www.thehindu.com/archives/from-the-archives-december-23-1920-currency-operationsfrom-an-editorial/article33396041.ece

Next Story