the demand expressed by the tender of sterling for the purchase of rupees (h) of maintaining the rate of exchange in the neighbourhood of Is. [...] Since the arrangements described established as the full legal tender currency of India the sovereign the half-sovereign and the rupee of which the last (subject to the variations just mentioned) became equivalent to a fixed fraction of the sovereign they are sometimes described"MINUTES OF EVIDENCE. [...] Nevertheless as is shown in Appendix IL A the absorption by the public of the three forms of full legal tender currency was exceptionally large in consequence of (a) the unusually large excess of exports over imports tending to a large dispersal of money up country (b) the heavy disbursements by the Government of India on behalf of the Imperial Government for the expenses of the Mesopotamian a [...] A list of such articles was drawn up by the Secretary of State and the Banks on the approved list of purchasers of Council drafts were required as a condition of remaining on the list to apply their resources in India primarily to the financing of articles on the list. [...] shows the amount of the note issue and the composition of the Reserve on the 31st of March 1914 and the last day of each subsequent month.
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