BOOK REVIEW 91 that India's export surpluses remained unpaid (ibid, pp. 40-49) the autor further argues that most of India's expenditure abroad during the period was political in nature and constituted an element of unilateral transfer from the point of view of national economy (ibid., 28-40). She, however, refers to the accounting transfers to assess the magnitude of drain. Home charges (T) are tributes from colonial India, miscellaneous payment abroad (M) and accumulation of reserves in London (A R) reflect the obligations of the empire without any return to the colony. The balance of trade and treasure (BT) and the new lendings balance in the capital account, private or official, (BL)—Country's exchange receipts—were financing the sum of (T+AR) and M, largely reflecting the obligations of the empire. The author, however, rejects the estimates of tributes £18.7 million/annum during 1899-1908 on the basis of trade data as suggested above. On account of the unreliability and trade statistics she prefers an alternative—the annual values of CB sales (net of capital imports) as a tentative measure of the annual flow of financial transfers or tribute from colonial India and arrives at the figure of £19.8 million/annum remitted abroad as unilateral transfer during 1898-1908. Chapter two 'Tributes and Transfers', as described above, assesses the magnitudes of tributes and spells net the mechanism of financial transfers effected through the sale of council bills from Indian colony to the British empire. Chapters three and four then analyse the impact of financial transfers on the domestic economy. Chapter three 'Colonial Transfers and finances' analyses the changing mechanism for financial transfers from open mint to fixed exchange rate between 1870-1893 and under sterling (gold) exchange standard from 1893-1914 (Ibid., pp. 72-82). Financial transfers took place also through official reserves during the period (pp. 82-93). Dominant imperial interests were served during the period by transferring gold to SOS's account with London city. What were the effects on money supply and credit situation in the domestic economy? Official policy concerning money supply credit availabilities and reserves led to a situation of financial stringency during the period first by closure of the mint in 1893 and followed by the withholding of new coins over 1893-1900 and through various other measures relating to transfer of gold through official reserves and lack of prompt supply of silver for coinage in India. The author concludes that 'On the whole, the state of dissent, public protest, veil of secrecy, and underhand dealings, as seem to have prevailed on the question of currency policy in India, provide adequate ground to dispel the automaticity argument in the official financial and exchange policy over the period' (pp. 139-40). The financial transfers from India on a regular basis to be met through the proceeds of export surplus brought within it the real transfer of surplus produce which had far reaching implications on the