ment The "Commerce" of the 26th January, 1946 has
the following statement:—
"That a very substantial portion of the 2| per
cent. 1960 loan must have been taken by the Re-
serve Bank of India is now clear from an increase
of no less than Rs. 8.05 crores in the Bank's own
investment portfolio, as disclosed by its state-
ment for the week ended 18th January, 1946. The
poor response from the public is also reflected in
the rise of over Rs. 10 crores in notes in circula-
tion in the week in which the list for the new loan
opened. It is needless to add that, had the public
responded to the new loan in large amounts, the
expansion in notes in circulation would not have
been so heavy."
CURRENCY JUGGLERY
Britain, through its agent, the Government ot
India, has caused inflation in this country by the mis-
use of the power to issue rupee currency against ster-
ling security given to the Reserve Bank of India. The
black marketeer is supplied with tons of paper money.
He is no doubt an anti-social criminal, but what about
the Government which lavishly provided the means
wherewith to carry on his nefarious trade?
The position has become wellnigh impossible.
First, Britain will not pay the large sterling debt;
Secondly, if it does not pay, it would lead to ex-
treme bitterness between Britain and Ifcdia.
Thirdly, if in exchange for these sterling debt,
Britain dumps unwanted and uneconomic manufac-
tured goods, India's industrial development would be
thwarted for a century.
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