1. It is transferred immediately from Account 2 to Account No. 1 35 million USD less the amount equal to what the sum of the sterling assets of the Reserve Bank of India, as defined in Article 1 of this agreement, exceeds the amount set in accordance with Article 1 of this agreement. I would like to join in the honours that have been bestought by the right, Gentleman, the Member of Parliament for Woodford (Mr. Churchill). First of all, it should be noted that the Viceroy has shown great gifts of state art and a combination of patience, initiative and energy, which is indeed rare. Across the British Commonwealth, we have all waited for the statement that the Prime Minister has just made and we are pleased that the three major Indian parties have approved the plan. Since that country announced its intention to entrust the Indian government and the conduct of Indian affairs to the Indians, we have dealt with three things: first, that there should be a responsible authority to which the power and duty of the government are entrusted; second, that authority should be what the Indians themselves would like, their own design and choice; and third, that there should be turbulence prevention. The less we say about the details of the statement that the Prime Minister has just made, the better. We look forward to Indian opinions and opinions, and we should not say anything that could cause disruption. We only hope that he has all settled amicably for the sake of Indians of all classes, without distinction. It would only be added that short time, 44 and that the sooner steps are taken to enable the transition effectively, the better. Article II 1.
The Reserve Bank of India opens a new account (`Account 2`) with the Bank of England, on which the balance of the total balance sheet covered by Article 1 is transferred, which remains at the end of the activity at the time of the signing of this agreement. The major political parties have repeatedly insisted that there be a transfer of power in India as soon as possible. With this wish, Her Majesty`s government is fully compassionate and they are prepared to anticipate earlier the date of June 1948 for the handover of power by the formation of an Indian government or independent government. That is why Her Majesty`s Government proposes, as the quickest and practical only means, to introduce legislation during the current session on the transfer of power on the basis of Dominion`s status to one or two successors, in accordance with the decisions taken as a result of that announcement.