द इण्डियन स्ट्रगल / भारतीय स्वाधीनता संग्राम (नेताजी सुभाष चन्द्र बोस - ऐतिहासिक विश्लेषण)

THE SLUMP 147
Council, the Army Staff had prepared a plan whereby the
whole army could be Indianised within thirty years.
Another unwelcome move of the Government in 1927 was the
stabilisation of the rupee at 1s. 6d. The traditional exchange
ratio was 1s. 4d. and this was favourable to India. In the
teeth of popular opposition, the Government fixed the
exchange ratio at 1s. 6d. By artificially increasing the value
of the rupee by 12½ per cent., the Finance Member, Sir
Basil Blackett, automatically put a premium on imports into
India. But that was not the only disadvantage which India
was subjected to. As a result of the new ratio, the Indian
peasant producing raw material for the world market received
so much less money than before and his purchasing power in
relation to Indian goods was thereby considerably reduced.
There is no doubt that the new ratio was responsible to a
large extent in accentuating the economic crisis in India.
Along with the new ratio, Sir Basil Blackett wanted to have
an Indian Reserve Bank as a part of his' plan for controlling
the currency—but this Bill¹ was fortunately thrown out by the
Assembly and the Viceroy did not make it law through
'certification.'
The only event of a somewhat satisfactory nature during
the earlier half of 1927 was the Capetown Pact between
India and South Africa. The Government of South Africa
headed by General Hertzog, an ardent nationalist, wanted to
adopt a dual policy of segregation and repatriation with regard
to the Indian settlers. A delegation was sent from India,
composed of Sir Mohammed Habibullah, the Right Hon.
V. S. Sastri and Sir George Paddison to plead the cause of
the Indians. As a result of their persuasion, the following
agreement was arrived at. The Areas Reservation Bill for
segregating Indians was altogether abandoned by the South
African Government. Emigration of Indians was, however,
to be encouraged, though a higher bonus would be given
than before. Indians born in South Africa who wanted to
¹ The Bill was first ruled out of order by the Assembly President, Mr.
V. J. Patel, whereafter it was introduced again in an altered form. The
Congress Party succeeded in throwing out the section relating to the
management of the Bank, whereupon the Bill was withdrawn by Sir
Basil Blackett.