New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-18
Aggregate ...............-'..-. .'''.''''
LIABILITIES.
THF INDIA COUNCILS ACTION
OPINION IN CALCuTTA-CoMMENTs OF THE Ion
DON PRESS.

London Aug IA dispatch 70 1.-THE Times
from Calcutta saws II Is the general opinion there
that the Government has chosen ina wrohs mon''"'
To lower the rate OF India Council drafts. IL j. W.
u.vcd that the Government should have h"ld o''
two or three weeks longer. unul the export trade
devcIoped In the mean time should nave issued
treasury bills 10 meet the shOrIness In fundS
~Tbe Tines I'm it, financial article this morning
SAYS. Denver and Flo Grand- preferred was quoted
higher Yesterday owing 10 IN absurd nnPr'oSI""
that tho Indian Government ~ about TO reopen the
minis 10 silver. Whether the decision lately taken
ON this subject wise or not. II Is not al All
likely that the Government win Interrupt 1t 50 soon
A. This The origin OF the rurroY was the a'l"h
~ the India Council In selling drar'- Al Is . 81
From the beginning It was doubtful whether 'he
Council would be- able 20 force the MARKET 10 p"'
on their own terms, Tie fact That ludlhh exports
would be Immediately contracted ana lhn'ah III
morris expanded thu, simultaneously rcdnrlhe Nl'
denond FOR and Increasing tie supply Of renittanc"S
,o tho East had We must assume. been overlooked
ar no, ,uilcicntly allowed for. Moreover no ac'
count corld have brcn taken Of other means "i
rcmitances. which at a pinch conn o. anu
actually were, made IL" o. sue" q"
rr,c. pat,r and even silver. On The Other hand,
we fear that the majority Of th" Co'n'n over
estimated the rapidly with which the cessation of
colrln. would begin 10 give tie rupee monopoly
value This was a matter on wldch II would have
been foolish for any outsider 20 offer an opinion b''
er,1lug on purely priori grounds. We should certainly
h,vc fbouct II rash 10 assume that CESSATION 81 com
az ot l.,s than two months could possibly an"c ~" val
ne o, n, article Of when large amount WAS know
ia he. In existence. Perhaps the ,torme' oi mlnuhS
Of a wear may prcluce effect, but even That i
In no way certain
The standard regards the India councils action
~ a complete confession Of failure, seldom par
aleIcd I'm the action of Governments This sudden
change Of policy II SAYS "may create comnoiion In
India but 1t will probably be- limited 10 III" Official
classes II Is generally expected 10 result IA further
dcpTc, sion In silver
The Daily News7 says: 1t + much too soon 10
say that the India Council has thrown up the sponge
II il OF course unfortunate for The plan Of operations
that the rate coull not bc fixed Immediately and AL
hered TO- but the circumstances were too strongly In
opposition 10 such II programme. Attention may
De drawn 10 the fact that the demand for rcnit;ahccs
10 India will increase In the autumn. II may be
weeks perhaps months before the closing Of the muts
has the olvloas effect Of maintaining monopoly value
o the coined rupee. AT the moment It's tehu"hrN
appears to be downward"
he Financial News says: what further re
suits viii now from the India Councils action II
is Impossible fOrctcl. 1t virtually utilities the
step taken on June -. and logically must sooner or
no, better for the indian Government 10 admit lis
bnnders and reopen the minis
The action Of the Government In lowering tho price
20 Is 3 Id. caused great weakness In cNclnngc III
Jondon 10 day At the stock Exchange rupee paper
IS depressed and the price has fallen Id.