xports 111,179,196
Government imports 2,844,926
Government exports 281,082
-----------
Total trade Rs. x 195,615,323

The above figures show that--

The export trade is Rs. x 111,179,196
The import trade is Rs. x 84,155,045
-----------
Net excess exports of total trade Rs. x 27,305,233

[66] 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."

[67] As a set-off against the charges complained of, it should be
remembered--a point which I did not take into account when formerly
writing on the subject--that England bears the cost of the naval
protection of India.

[68] I have since ascertained, on good authority, that, though the coffee
of Brazil has not as yet come into competition with Indian coffee (as
people used to the latter do not care for the former, and would not use it
unless there was a very great difference in the value), the coffee from
Costa Rica, Columbia, Guatemala, and Mexico (all silver-using countries)
does so to a very considerable extent.

[69] It might be imagined from this statement that a low rate of exchange
had been already setting back, or at least arresting, the hand of
progress, and I therefore quote the following passage from p. 40 of the,
"Report of the Currency Committee."

"The following facts relating to the recent progress of India are taken
from a paper read by Sir W. Hunter (one of the greatest existing
authorities on the subject) at the Society of Arts, on the 16th of
February, 1892.

"Between 1881 and 1891 the whole number of the Army had been raised from
170,000 to 220,000, and the number of British soldiers in it from 60,000
to 71,000, or, including reserves, volunteers, etc., to very much more.
Many large and costly defensive works had been constructed, both on the
north-west frontier and on the coast. In recent years a