The Sydenham College Magazine. October 1939

Price Control.—To the man in the street the most spectacular and obvious effect of the War is the rise in the prices of necessries of life such as foodgrains medicines etc. [...] This stands in marked contrast with the weakening of the rupee-sterling exchange on the outbreak of the last world War and the sale of sterling by Government in order to prop up the rupee ratio. [...] The drop in the sterling—dollar cross rate and the spurt in the London price of gold were responsible for a perpendicular rise in the rupee price of gold in the Indian Bullion markets. [...] The lay investor under the spell of the auditor's formula that the balance sheet gives a true and correct view of the affairs of the company etc. [...] As a result of these manipulations the profit figure in the balance sheet is reduced and the readers of the balance sheet are kept in complete ignorance of the fact of the creation of secret reserves.