MINUTES OF EVIDENCE 665
starting point from the business now current, and not from imaginary pars before the war.” ?—Exactly.
Don’t you think that Professor Fisher when he laid down that dictum had European conditions before him only ?—Yes, but that would apply almost to any country. It is a general proposition.
My question is did he not have European conditions in view only when he said that ?—I cannot say.
(Chairman.) The witness replied that he thought it would apply to any conditions ?—Yes, it is a genera! proposition.
(Sir Maneckji Dadabhoy.) Is that conclusion justified by these expressed words ?—I should think it is.
6228 A . Y OU think it is ?—He says further, he does not only refer to the war,—he says : “One might as well talk of restoring the original silver pound or returning the monetary standards of Greece and Rome.”
Now, you know very well that this ratio of 1s. 6d. has continued in India for the last 16 months only. Now, if we take this period 16 months in Indian conditions, what would you say when you think of any imaginary pars before the war ? Do you think in India a period of 16 months would make any substantial difference in coming to a conclusion ? He is referring to the imaginary pars before the war; he takes a longer period ?—No, no. He is simply referring back to 1914, to the parity which existed in 1914. I say, if according to information 1s. 6d., has been in existence for 16 months, then I say it ought to be confirmed.
Yes. But if previous to that, with a brief interval of some years, it has ranged equally for 20 years at 1s. 4d. you would brush aside all those considerations ?—Yes, because there are no contracts now existing that were made 20 years ago. And therefore we need not be concerned about it.
This is your argument ? And you would also brush aside its economic effect both on agriculture and on the industries of the country ?—I say they will be very good. By bringing the ratio to 1s. 6d. I say there might be some depression of profits, but there won’t be depression of industry.
Yes. So you don’t attach great value to those factors. You think on the whole it will be for the good of the country ?—Yes.