That this is a correct interpretation of the Governments calculations is borne out by the following extract from the letter which it addressed to the Bengal Chamber of Commerce in explanation of the currency fiasco.³²⁷ After speaking of the necessity for granting international credits to revive commerce, the letter goes on to say:— “But for the rest they [i.e. the Government of India] can now only rely on the natural course of events and the return of favourable export conditions, combined with the reduction of imports … to strengthen the exchange. Experience has demonstrated that in the present condition of the world trade stability is at present unattainable, but the Government of India see no reason why the operation of natural conditions … should not allow of the eventual fixation of exchange at the level advocated in the report of the Currency Committee.” ³²⁴ Cf. evidence of Mr. Keynes before the Committees of 1919, Q. 2,665–68. ³²⁵ Cf. the speech of the Hon. Mr. Tata on the Indian Coinage (Amendment) Bill, _S.L.C.P._, Vol. LIX, p. 112. ³²⁶ In the recent discussions on the Indian exchange it has been entirely overlooked that this was the underlying motive of raising the Indian exchange to 2s. gold. But it was laid bare by the Finance Member of the Council in his speech on March 10, 1920, in the course of the debate on the resolution _re_ Reverse Councils, _S.L.C.P._, Vol. LVIII, p. 1292. ³²⁷ The letter was published in the _Times of India_, November 20, 1920, p. 14, col. 6.