[64] The amount that the Government would save is about 1,570,000 Rs. x.

[65] The reader will see that, for the sake of making even figures, I have taken the value of the exports at upwards of eleven millions less than they really are.  The return of the trade of British India for 1891-92 is as follows: 

                                                Rs. x
    Private imports 81,310,119
    Private exports 111,179,196
    Government imports 2,844,926
    Government exports 281,082
          
                                   -----------
          Total trade Rs. x 195,615,323

The above figures show that—­

    The export trade is Rs. x 111,179,196
    The import trade is Rs. x 84,155,045
          
                                   -----------
    Net excess exports of total trade Rs. x 27,305,233

[66] I observe that one of the witnesses calculates the export tax thus proposed to be levied by forcing up the exchange to 1s. 6d. at 20 per cent., but I have obtained my figures from a highly competent authority, and I have no doubt they are substantially correct.  I may add that the “Times” correspondent, telegraphing from Calcutta on October 23rd, says, “Exports cannot be profitably financed.  The currency legislation alone is equivalent to 20 per cent. tax upon them.”

[67] As a set-off against the charges complained of, it should be remembered—­a point which I did not take into account when formerly writing on the subject—­that England bears the cost of the naval protection of India.

[68] I have since ascertained, on good authority, that, though the coffee of Brazil has not as yet come into competition with Indian coffee (as people used to the latter do not care for the former, and would not use it unless there was a very great difference in the value), the coffee from Costa Rica, Columbia, Guatemala, and Mexico (all silver-using countries) does so to a very considerable extent.

[69] It might be imagined from this statement that a low rate of exchange had been already setting back, or at least arresting, the hand of progress, and I therefore quote the following passage from p. 40 of the, “Report of the Currency Committee.”

“The following facts relating to the recent progress of India are taken from a paper read by Sir W. Hunter (one of the greatest existing authorities on the subject) at the Society of Arts, on the 16th of February, 1892.

“Between 1881 and 1891 the whole number of the Army had been raised from 170,000 to 220,000, and the number of British soldiers in it from 60,000 to 71,000, or, including reserves, volunteers, etc., to very much more.  Many large and costly defensive works had been constructed, both on the north-west frontier and on the coast.  In recent years almost all the public buildings have been reconstructed on a large scale.