────────────────────────────────────────────────────────────────── Date of Drawing. Amount of Drawings. Rate at which drawn £, 000 omitted. (Pence per Rupee). ────────────────────────────────────────────────────────────────── 1893. June 2,478 15·039 ────────────────────────────────────────────────────────────────── July 25 15·974 ────────────────────────────────────────────────────────────────── August 78 15·243 ────────────────────────────────────────────────────────────────── September 7 15·350 ────────────────────────────────────────────────────────────────── October 5 15·334 ────────────────────────────────────────────────────────────────── November 617 15·251 ────────────────────────────────────────────────────────────────── December 14 15·242 ────────────────────────────────────────────────────────────────── 1894. January 98 14·408 ────────────────────────────────────────────────────────────────── February 1,023 13·787 ────────────────────────────────────────────────────────────────── March 1,915 13·870 ────────────────────────────────────────────────────────────────── April 1,368 13·626 ────────────────────────────────────────────────────────────────── The curtailment of drawings to save the rate of exchange from being lowered was not an unmitigated good, for it imposed the necessity of a resort to the by no means inexpensive method of sterling borrowings to finance the Home Treasury.³⁰⁷ The remittances by drawings fell short of the net disbursements of the Home Treasury in 1893–94 by £6,588,000, which deficit was met by permanent sterling [pg 190] borrowings to the extent of £7,430,000, the interest on which added to the already over-heavy burden of the gold payments. Rather than incur such a penalty the Secretary of State gave up the attempt to dominate the market and preferred to follow it. But this let-go policy was not without its cost. The drop in the exchange below 1s. 4d. added to the burden of remittances to the Home Treasury, and also compelled the Government to grant exchange compensation allowance to its European officers, civil and military—an aid which it had so far withheld. The cost to the Government involved by the fall of the rupee below par was quite a considerable sum.³⁰⁸ ³⁰⁷ Evidence of Sir H. Waterfield before the Fowler Committee, Q. 4,332–39. ³⁰⁸ Evidence of Hon. A. Arthur before the Fowler Committee. Q. 1,806–7. _TABLE XXX_ _Cost of the Fall of the Rupee_