Note 66 — Chapter XIX

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."