Remembering, too, the large profits which London firms used to make on
silver purchases for the Government of India, and the enormous Indian
balances kept in London in pre-war times which were supposed to be
essential to the maintenance of Indian credit but were still more
clearly of great convenience for London bankers who had the use of them,
Indians who are by no means Extremists ask themselves not unreasonably
why, instead of leaving the ordinary laws of supply and demand to work
through the ordinary channels of financial and commercial enterprise,
the Secretary of State should persist in carrying on big financial
operations connected with the adjustment of the balance of trade or any
purpose other than his official requirements in regard to what are known
as "home charges," _i.e._ payments to be made in England on account of
the Government of India.
That the effects of the present system as it has worked recently have
been deplorable from a political as well as from an economic point of
view is shown by the large number of recruits made by Mr. Gandhi from
what one might have regarded as the most unlikely classes. Indian
merchants whose interests would seem to be bound up with the maintenance
of order and public tranquillity, Bombay _Banias_ and Calcutta
_Marwaris_, have thrown themselves into the "Non-co-operation" movement
out of sheer bitterness and loss of confidence in British good faith,
boycotting British imported goods and supplying a large part of the
funds without which even a Mahatma cannot carry on a prolonged political
agitation.
CHAPTER XIV
SHOALS AND ROCKS AHEAD
Public-domain text, read in full here on John Shaqi.
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