Note 133 — Chapter II
Reading edition
It appears, however, from the chart that the rupee-sterling exchange before 1873 was not quite stable. But the fluctuations in it are to be attributed to quite a different set of factors. It should be noted that the rates of exchange used for reducing the Indian moneys into sterling during the time of the East India Company had been various: moreover, they had so little relation to the intrinsic value of the coins exchanged that the actual rates officially given were far from the actual market rates. As having a bearing on this interesting subject, consult H. of C. Sessional Papers 735 II of 1831–32; Appendix No. 20, Correspondence, etc., relating to the rates of exchange at which the currencies of India are converted into sterling; also Tucker, H. St. George, Remarks on the Plans of Finance, 1821, passim, and Memorials of Indian Government, 1853, by the same, pp. 382–85.