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 the collected writings of
J O H N M AY NA R D K E Y N E S
Managing Editors:
Professor Austin Robinson and Professor Donald Moggridge

John Maynard Keynes (1883–1946) was without doubt one of the most influ-
ential thinkers of the twentieth century. His work revolutionised the theory
and practice of modern economics. It has had a profound impact on the
way economics is taught and written, and on economic policy, around the
world. The Collected Writings of John Maynard Keynes, published in full in
electronic and paperback format for the first time, makes available in thirty
volumes all of Keynes’s published books and articles. This includes writings
from his time in the India Office and Treasury, correspondence in which he
developed his ideas in discussion with fellow economists and correspondence
relating to public affairs. Arguments about Keynes’s work have continued
long beyond his lifetime, but his ideas remain central to any understanding of
modern economics, and a point of departure from which each new generation
of economists draws inspiration.

This volume, containing papers written by Keynes in the course of his various
activities, is chiefly concerned with his work down to the outbreak of war in
1914 on problems of Indian currency and especially with the part that he
played in influencing and shaping the report of the (Austen Chamberlain)
Royal Commission on Indian Finance and Currency. The papers show the
young Keynes (he was under 30 when appointed) with a complete mastery
not only of the broad academic principles but also, as throughout his life,
of the details, holding his own in debate with the acknowledged authorities
and securing his main objectives, thanks largely to his indefatigable capacity
for quick yet elegant and lucid draftsmanship. This volume is a necessary
companion to his own Indian Currency and Finance (Vol. I in this series).

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 THE COLLECTED WRITINGS OF
JOHN MAYNARD KEYNES

VO LU M E X V

ACTIVITIES 1906–1914
IN DI A AND CAMB RIDGE

edited by
ELIZABETH JOHNSON

CAMBRIDGE UNIVERSITY PRESS

for the
ROYAL ECONOMIC SOCIETY

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 © The Royal Economic Society 1971, 2013

All rights reserved. No part of this publication

may be reproduced or transmitted, in any
form or by any means, without permission

Published for the Royal Economic Society

throughout the world by
cambridge university press
Cambridge, New York, Melbourne, Madrid, Cape Town,
Singapore, São Paulo, Delhi, Mexico City
Cambridge University Press
The Edinburgh Building, Cambridge cb2 8ru, UK

Published in the United States of America by

Cambridge University Press, New York

www.cambridge.org
Information on this title: www.cambridge.org/9781107695801

This publication is in copyright. Subject to statutory exception

and to the provisions of relevant collective licensing agreements,
no reproduction of any part may take place without the written
permission of Cambridge University Press.

This edition published 2013

Printed and bound in the United Kingdom
by the MPG Books Group

A catalogue record for this publication is available from the British Library

isbn 978-1-107-69580-1 Paperback

30-volume set isbn 978-1-107-67772-2

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 CONTENTS
General introduction page vii

Editorial foreword xii

Note to the reader xiv

1 FROM THE INDIA OFFICE TO CAMBRIDGE

1906-1913 I

2 THE ROYAL COMMISSION ON INDIAN FINANCE

AND CURRENCY 1913-1914 97

3 AN INDIAN STATE BANK 128

4 KEYNES AND THE COMMISSION'S REPORT 220

5 INDIAN EPILOGUE 1919 272

List of Documents Reproduced 302

Index 305

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 GENERAL INTRODUCTION
This new standard edition of The Collected Writings of John
Maynard Keynes forms the memorial to him of the Royal Eco-
nomic Society. He devoted a very large share of his busy life to
the Society. In 1911, at the age of twenty-eight, he became editor
of the Economic Journal in succession to Edgeworth; two years
later he was made secretary as well. He held these offices without
intermittence until almost the end of his life. Edgeworth, it is
true, returned to help him with the editorship from 1919 to 1925;
Macgregor took Edgeworth's place until 1934, when Austin
Robinson succeeded him and continued to assist Keynes down to
1945. But through all these years Keynes himself carried the
major responsibility and made the principal decisions about the
articles that were to appear in the Economic Journal, without any
break save for one or two issues when he was seriously ill in 1937.
It was only a few months before his death at Easter 1946 that
he was elected president and handed over his editorship to Roy
Harrod and the secretaryship to Austin Robinson.
In his dual capacity of editor and secretary Keynes played a
major part in framing the policies of the Royal Economic
Society. It was very largely due to him that some of the major
publishing activities of the Society—Sraffa's edition of Ricardo,
Stark's edition of the economic writings of Bentham, and
Guillebaud's edition of Marshall, as well as a number of earlier
publications in the 1930s—were initiated.
When Keynes died in 1946 it was natural that the Royal
Economic Society should wish to commemorate him. It was
perhaps equally natural that the Society chose to commemorate
him by producing an edition of his collected works. Keynes
himself had always taken a joy in fine printing, and the Society,
with the help of Messrs Macmillan as publishers and the Cam-
bridge University Press as printers, has been anxious to give
Keynes's writings a permanent form that is wholly worthy of him.
vii

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 ACTIVITIES I906-I914
The present edition will publish as much as is possible of his
work in the field of economics. It will not include any private
and personal correspondence or publish letters in the possession
of his family. The edition is concerned, that is to say, with
Keynes as an economist.
Keynes's writings fall into five broad categories. First there
are the books which he wrote and published as books. Second
there are collections of articles and pamphlets which he himself
made during his lifetime (Essays in Persuasion and Essays in
Biography). Third, there is a very considerable volume of
published but uncollected writings—articles written for news-
papers, letters to newspapers, articles in journals that have not
been included in his two volumes of collections, and various
pamphlets. Fourth, there are a few hitherto unpublished
writings. Fifth, there is correspondence with economists and
concerned with economics or public affairs.
This series will attempt to publish a complete record of
Keynes's serious writing as an economist. It is the intention to
publish almost completely the whole of the first four categories
listed above. The only exceptions are a few syndicated articles
where Keynes wrote almost the same material for publication in
different newspapers or in different countries, with minor and
unimportant variations. In these cases, this series will publish
one only of the variations, choosing the most interesting.
The publication of Keynes's economic correspondence must
inevitably be selective. In the day of the typewriter and the filing
cabinet and particularly in the case of so active and busy a man,
to publish every scrap of paper that he may have dictated about
some unimportant or ephemeral matter is impossible. We are
aiming to collect and publish as much as possible, however, of
the correspondence in which Keynes developed his own ideas in
argument with his fellow economists, as well as the more signi-
ficant correspondence at times when Keynes was in the middle
of public affairs.
Apart from his published books, the main sources available to
viii

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 GENERAL INTRODUCTION
those preparing this series have been two. First, Keynes in his
will made Richard Kahn his executor and responsible for his
economic papers. They have been placed in the Marshall Library
of the University of Cambridge and have been available for this
edition. Until 1914 Keynes did not have a secretary and his
earliest papers are in the main limited to drafts of important
letters that he made in his own handwriting and retained. At
that stage most of the correspondence that we possess is repre-
sented by what he received rather than by what he wrote. During
the war years of 1914-18 Keynes was serving in the Treasury.
With the opening of the 1914-18 records, many of the papers that
he wrote have become available. From 1919 onwards, through-
out the rest of his life, Keynes had the help of a secretary—for
many years Mrs Stevens. Thus for the last twenty-five years of
his working life we have in most cases the carbon copies of his
own letters as well as the originals of the letters that he received.
There were, of course, occasions during this period on which
Keynes wrote himself in his own handwriting. In some of
these cases, with the help of his correspondents, we have been
able to collect the whole of both sides of some important inter-
change and we have been anxious, in justice to both correspon-
dents, to see that both sides of the correspondence are published
in full.
The second main source of information has been a group of
scrapbooks kept over a very long period of years by Keynes's
mother, Florence Keynes, wife of Neville Keynes. From 1919
onwards these scrapbooks contain almost the whole of Maynard
Keynes's more ephemeral writing, his letters to newspapers and
a great deal of material which enables one to see not only what he
wrote, but the reaction of others to his writing. Without these
very carefully kept scrapbooks the task of any editor or bio-
grapher of Keynes would have been immensely more difficult.
The plan of the edition, as at present intended, is this. It
will total twenty-four volumes. Of these, the first eight will be
Keynes's published books from Indian Currency and Finance, in
ix

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 ACTIVITIES 1906-1914
1913, to the General Theory in 1936, with the addition of his
Treatise on Probability. There will next follow, as vols. ix and x,
Essays in Persuasion and Essays in Biography, representing
Keynes's own collections of articles. Essays in Persuasion will differ
from the original printing in two respects; it will contain the full
texts of the articles or pamphlets included in it and not (as in the
original printing) abbreviated versions of these articles, and it will
have added one or two later articles which are of exactly the same
character as those included by Keynes in his original collection.
In the case of Essays in Biography, we shall add various other
biographical studies that Keynes wrote throughout his work.
There will follow three volumes, xi to xin, of economic articles
and correspondence, and one volume, xiv, of social, political and
literary writings. We shall include in these volumes such part of
Keynes's economic correspondence as is closely associated with
the articles that are printed in them.
The further nine volumes, as we estimate at present, will deal
with Keynes's Activities during the years from the beginning of
his public life in 1905 until his death. In each of the periods into
which we propose to divide this material, the volume concerned
will publish his more ephemeral writings, all of it hitherto un-
collected, his correspondence relating to these activities, and
such other material and correspondence as is necessary to the
understanding of Keynes's activities. The first four of these
volumes are being edited by Elizabeth Johnson; the later
volumes will be the responsibility of Donald Moggridge. It is
their task to trace and interpret Keynes's activities sufficiently
to make the material fully intelligible to a later generation. Until
this work has progressed further, it is not possible to say with
exactitude whether this material will be distributed, as we now
think, over nine volumes, or whether it will need to be spread
over a further volume or volumes. There will be a final volume
of bibliography and index.
Those responsible for this edition have been: Lord Kahn, both
as Lord Keynes's executor and as a long and intimate friend of

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 GENERAL INTRODUCTION
Lord Keynes, able to help in the interpreting of much that would
otherwise be misunderstood; Sir Roy Harrod as the author of his
biography; Austin Robinson as Keynes's co-editor on the Eco-
nomic Journal and successor as secretary of the Royal Economic
Society. The main editorial tasks in the first four of these
volumes have been carried by Elizabeth Johnson. She has been
assisted at different times by Jane Thistlethwaite, Mrs McDonald,
who was originally responsible for the systematic ordering of the
files of the Keynes papers, Judith Masterman and Susan Wilsher,
who in turn have worked with Mrs Johnson on the papers.

XI

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 EDITORIAL FOREWORD
This volume, together with volume xvi, forms the first of a group
of nine or more which will make available Keynes's more
ephemeral writings, his letters and contributions to the news-
papers, his memoranda while employed in the India Office and
in the Treasury in two wars, and such correspondence as is
directly related to the events about which he is writing or is
necessary to the understanding of the documents that are
published.
For his published contributions to the press, the main source
is the series of scrapbooks which, as explained in the General
Introduction, his mother indefatigably maintained throughout
his working life. (Keynes, knowing that she was doing this, helped
by sending her copies of all he published.) For the periods in
Whitehall, first in the India Office and subsequently in the
Treasury, dependence has been primarily on the files that are
now available in the Public Record Office. In some cases, how-
ever, Keynes had himself retained an earlier draft of a memo-
randum that he had written. Almost all of the correspondence
that is here published is among his surviving papers. At points
the diaries of John Neville Keynes—Maynard Keynes's father
—serve to illuminate Keynes's thoughts or state of mind at
important moments.
This volume, like that which immediately follows it, has aimed
to publish as much as possible of Keynes's writing of the period
covered. In this early period there was none of the duplication
in his contributions to the press, syndicated in different parts
of the world, that sometimes is to be found in his later years.
For the two Civil Service periods it has been necessary to be
somewhat more selective and to confine publication to what is
both clearly Keynes's work and of more than routine interest.
During the later war years, for example, he wrote at intervals
appreciations of the position regarding inter-allied finance,
xii

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 ACTIVITIES 1906-1914
rehearsing much the same arguments about much the same
problems in the light of progressively changing figures. We
have selected for publication those examples of such memoranda
which best illustrate a particular problem or best show his
analytical handling of them.
It has been necessary, in order to make this material intel-
ligible to a generation which did not live through the events
and to whom the participants are unknown names, to provide a
minimum of factual background. It has been sought to make this
background information sufficient for clarity, but neither obtru-
sive nor argumentative. The purpose has been to provide the
reader with the material from which to make his own judgment
of Keynes rather than to attempt to impose the judgments of the
editors.
No reader, we think, can fail to be impressed by the immensely
detailed mastery which Keynes had achieved as a very young
man of all the many ramifications of Indian finance. This capacity
for mastery of detail remained with him through life. He was
never content with a merely superficial understanding of the
broad essentials of a problem. We suspect that a reader will find
it equally fascinating to contrast Keynes's analysis of the economic
problems of war as set out in volume xvi in some of his Treasury
memoranda or other discussions of war finance of 1914-18 with
the analysis that he developed twenty-five years later in How to
Pay for the War. Finally, one sees there vividly through his own
eyes and in his own words his agonies of despair as a rational
handling of the problems of reparations became irretrievably
frustrated by political ineptitude.

xm

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 NOTE TO THE READER
In this and subsequent volumes, in general all of Keynes's own
writings are printed in larger type. All introductory matter and
all writings by others than Keynes are printed in smaller type.
The only exception to this general rule is that occasional short
quotations from a letter from Keynes to his parents or to a friend,
used in introductory passages to clarify a situation, are treated
as introductory matter and are printed in the smaller type. In
those passages in this volume in which are printed extracts from
the Minutes of Evidence of the Royal Commission on Indian
Finance and Currency, Keynes's questions to witnesses are
printed in roman type, their answers in italics. In the final
chapter, where Keynes appears as a witness before the Babington
Smith Committee, the questions to him are printed in italics,
Keynes's answers are printed in roman type.
Most of Keynes's letters included in this and other volumes
are reprinted from the carbon copies that remain among his
papers. In most cases he has added his initials to the carbon in
the familiar form in which he signed to all his friends. We have
no means of knowing whether the top copy, sent to the recipient
of the letter, carried a more formal signature.

xiv

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 Chapter i
FROM THE INDIA OFFICE TO
CAMBRIDGE 1906-1913
The public life of John Maynard Keynes began with his appointment to the
India Office as a junior clerk at the age of twenty-three. He stayed at the India
Office only two years before embarking on his career in economics at Cam-
bridge and during this time was much preoccupied with the writing of a
dissertation on probability. The phase was crucial, however, in that it led to
his acquaintance with the intricacies of the Indianfinancialsystem and even-
tually, through a combination of natural interest, the trust and encourage-
ment of India Office colleagues, and a crisis that put the Indian currency
situation in the foreground of public discussion, resulted in the writing of
his first book, Indian Currency and Finance, and his creative role with the
Royal Commission on Indian Finance and Currency. This is the main
theme of the chapter that follows—although it was only one of the multi-
farious activities, academic and otherwise, crowding Keynes's early years at
Cambridge.
The papers left from this period of Keynes's life are comparatively few and
sketchy. What there are consist of a few memoranda written for the India
Office, some lecture notes, some newspaper clippings, a small amount of
correspondence. The correspondence, before the advent of the typewriter, is
one-sided, unless Keynes considered a letter of his own to be of sufficient
moment to make and keep a first draft in his own hand or to have a copy
made—as he fortunately quite often did. Yet from these fragments, from the
fact of what was kept, from the tone adopted by one correspondent or a
Keynesian phrase echoed in the letter of another, there emerges a strong
sense of personality, of attitudes taken, along with the concrete evidence of
ideas pursued and work done.
Keynes had taken the Mathematical Tripos at Cambridge; he was twelfth
Wrangler in 1905. He then stayed on a fourth year to prepare himself for the
Civil Service examination and during this time attended Alfred Marshall's
lectures and did some reading in economics with both Marshall and A. C.
Pigou. Marshall (who had written on one of Keynes's essays: 'This is a very
powerful answer. I trust your future career may be one in which you will not
cease to be an economist. I should be glad if it could be that of an economist.')
was eager for him to take Part II of the Economics Tripos, which was being

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 ACTIVITIES 1906-1914
held for the first time in Cambridge in 1906. The first letter in Keynes's
collection from Marshall—it is dated 2 May 1906, from Balliol Croft,
Madingley Road, Cambridge—reads:

My dear Keynes,
I was very sorry to get your letter this morning. But I must not urge you
further. I think that if you went in for the Tripos, merely re-reading
Economics in the ten days before it, you would probably get a first class:
and that if you did not, you would not injure your position, since it would
be known that you had had very little time free for economics. But I must
say no more.
The list of Cobden Prize subjects is reprinted ('eighty' being substituted
for 'thirty' in the second subject) in the current Reporter.
After you have taken your well earned holiday in August and September,
I hope you may see your way to working at one of these, for your own good,
for the glory of Cambridge and to the great satisfaction of
Yours very sincerely
ALFRED MARSHALL

It was not the first time that Marshall had coaxed, but Keynes had com-
peting interests and seems to have been more excited, for example, by the
philosophy of G. E. Moore. He persisted in his decision to concentrate on
the Civil Service examination. While he was waiting for the results, he spent
the well-earned holiday in Scotland with Lytton Strachey, James Strachey
and Harry Norton, taking long walks and working at the subject of probability,
on which he planned to write a dissertation for a King's College fellowship.
' I . . . am rather hopeful,' he wrote to his parents about it. ' My method is
quite new, and I think amongst other things that I have got a formal proof
of the problem of Inverse Probability.
'We are admirably boarded and lodged for 3/6 a day each,' he added—a
fact evidently noteworthy, since John Neville Keynes included it when he
copied his son's letter into his diary 15 September 1906.
Keynes stood second of 104 Civil Service candidates. 'My marks have
arrived and left me enraged', he wrote to Lytton Strachey, 4 October 1906.
' Really knowledge seems an absolute bar to success. I have done worst in the
only two subjects of which I possessed a solid knowledge—mathematics and
economics. I scored more marks for English history than for mathematics—
is it credible? For economics I got a relatively low percentage and was the
eighth or ninth in order of merit—whereas I knew the whole of both papers
in a really elaborate way. On the other hand, in political science, to which

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