────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Surplus + Surplus + Surplus + Surplus + Surplus + Years. Deficit − Years. Deficit − Years. Deficit − Years. Deficit − Years. Deficit − ────────────── ────────────── ────────────── ────────────── ───────────── Rs. £ £ £ £ ────────────────────────────────────────────────────────────────────────────────────────────────────────────────── 1893–94 −1,546,998 1898–9 +2,640,873 1903–4 +2,996,400 1908–9 −3,737,710 1913–14 +2,312,423 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────── 1894–95 +693,110 1899–1900 +2,774,623 1904–5 +3,456,066 1909–10 +?,606,641 1914–15 −1,785,270 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────── 1895–96 +1,533,998 1900–1 +1,670,204 1905–6 +2,091,854 1910–11 +3,936,287 1915–16 −1,188,661 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────── 1896–97 −1,705,022 1901–2 +4,950,243 1906–7 +1,589,340 1911–12 +3,940,334 1916–17 +7,478,170 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────── 1897–98 −5,359,211 1902–3 +3,069,549 1907–8 +300,615 1912–13 +3,107,634 — — ────────────────────────────────────────────────────────────────────────────────────────────────────────────────── [pg 186] between 1873 and 1893. Was the Indian currency of that period good? On the other hand, it is possible to hold that if trade is good it may be _because_ the currency is bad. The trade of India between 1873 and 1893 flourished because it received a bounty. But the bounty was a mulcting of the Indian labourer, whose wages did not rise as fast as prices, so that the Indian prosperity of that period was founded not upon production, but upon depredation made possible by the inflation of currency.