Continuation of Great War. The United States declares war against Germany. Armistice with Enemy Countries signed on 11th November. Surrender to Allies of Enemy fleets, arms, etc. Serious political unrest in Russia and Germany. Pittman Silver Act passed in the United States. Peace treaties with Central Powers signed. High Prices of com:nodities and wide fluctuations in International exchanges. Civil war in Russia continues. General political and labour unrest.

British subsidiary coinage reduced to 500 fine. Heavy Continental sales of demonetised silver. Latin Union dissolved. Value of Rupee fixed at 11:30016 grains gold. Worldwide depression in trade. Indian Silver Import duty remitted. Continental sales continue, British Mint conmences selling surplus silver from debased coinage. Financial crisis in China. Sales of surplus silver by Mint, and Continental sales continue. Great increase in Indian demand for Gold. Heavy fall in the German Mark. Sterling exchange on New York appreciates. Continued depressio: in Trade.

Mint and continental sales continued. Purchases by U. S. Treasury under Pittman Act completed. Great Earthquake in Japan. Political unrest at home and abroad. Large continental purchases for coinage. Recoinage of British Currency snspended whilst Mit coining for Foreign Countries. Gold standard, suspended 1914, conditionally restored. Serious disturbances in China. Disturbances in China continue. Coal strike at home, lasting 7 onths with consequent dislocation of Trade. Report of Royal Commission on Indian Currency and Finance published.

+ The figures represent the value of the imports of silver coin and bullion registered in the calendar year' (a) Figures not available.

(b) Figures for ten months, January to October, for which statistics are available,

(e) Six months, July to December.

No. 121.-EXCHANGE on LONDON, BANK of ENGLAND RATE of DISCOUNT and IMPERIAL BANK of INDIAT RATE of INTEREST,

At the close of the month.

Where more than one figure is entered it will be assumed that these are the rates ruling on different dates of

1hr month.

The Bank of Bengal, previous to January 27, 1921.

§ Nominal, Banks only buying ready bills against cover.

No. 121.-EXCHANGE on LONDON, BANK of ENGLAND RATE of DISCOUNT and IMPERIAL BANK of INDIA RATE of INTEREST-contd.

At the close of the month.

Where more than one figure is entered, it will be assumed that these are the rates raling on different dates of the month. Rate on 11th September, 1925.

No. 122.-PRICE of SOVEREIGNS and UNCOINED GOLD in INDIA at the end of each month.

No. 122.-PRICE of SOVEREIGNS and UNCOINED GOLD in INDIA at the end of each month-contd.