“While expressing their satisfaction that an agreement has now been reached, my Lords think it desirable, before practical steps are taken to carry out the scheme, to invite Lord George Hamilton to review the arguments originally advanced in favour of the coinage of the sovereign in India, and to consider whether the course of events, in the two years which have elapsed since the proposal was made, has not tended to diminish their force, and to render such advantages as are likely to accrue from the establishment of a branch Mint wholly incommensurate with the expense to be incurred. … The gold standard is now firmly established, and the public requires no proof of the intention of the Indian Government not to go back on their policy, which is beyond controversy. Sovereigns are readily attracted to India when required under existing conditions. … On the other hand, the estimates of the Government [pg 159] of India of gold available for coinage in that country are less than was anticipated, nor is any considerable increase expected, at any rate for some time. … The staff would have to be maintained in idleness for a large part of the year, at a considerable cost to the Indian Exchequer. … It is, of course, for Lord George Hamilton to decide whether, in spite of these objections, the scheme is to be proceeded with.” The India Office replied:— “The establishment of a Mint for the coinage of gold in India is the clearest outward sign that can be given of the consummation of the new currency system; and to abandon the proposal now must attract attention and provoke criticism and unrest. … His Lordship is not inclined to abandon the scheme at the stage which it has now reached.” The Treasury sent a trenchant rejoinder, in which it remarked:— “Indian currency needs are provided from other sources, and there is no real demand for the local coinage of sovereigns. … My Lords cannot believe that the position of the Gold Standard in India will be strengthened, or public confidence in the intention of the Government confirmed, by providing machines for obtaining gold coins. … The large measure of confidence already established is sufficiently indicated by the course of exchange since the Committee’s Report and still more by the readiness with which gold has been shipped to India. …”