INDIA'S TO BUDGET

Dominion, Volume 8, Issue 2400, 4 March 1915, Page 5

INDIA'S TO BUDGET

REMARKABLE STRENGTH OF

HER RESOURCES

NO WAS THAI®}

(Beo. MarcE 8, 5J5 pun.? " ■ ■ Delhi,* Maxdi' % , . The Indian Mnance Minister (Sir M S. Meyer), presenting in the Legisl; tive Council his annual Financial Stati ment, announced that there would t a deficit for the current year < £2,750,000. He forecaeted' 'd' simit' deficit for the incoming year. The d< licit was the outcome of the effects. < tho war on' Customs and railway r< ceipts. No additional taxation wa proposed as the deficit t was, pcrary, and special causes, and India 1 unproductive debt was very small. Reviewing the economic effects oHK war, )iej stated that the Budget- pre posals were based on the snppositio; that the wax would last over the perioi IAIS-1916. An attitude' of caution wa therefore essential;- • From August _. i> December last the imports had decline* by £17,000,000 or*B2.per oent.,>and tin exports by £27,000,000 or 42. per cent The full irrigation programme,* and i reduced Tailway. programme ■ would' ■bi carried out, involving an expenditure o' £8,000,000,. while only. £250,000 wouls be spent.on the new Delhj scheme. India said the Minister, had beei nruoh buffeted, but the inherenl strength of heir finaricial I 'And* edtoibmiu position had been demonstrated -at eveirj turn; her loans and paper money stooc practically unimpaired; an unprecedented drain on the savings bank had ;beem met; there had been no crash in .the Exchange, such as pessimists had-some; times foretold in a world's crisis... The measure® taken to maintain i&e stability of the rupee had met with full suocess, and a readjustment-of trade conditions was already.'.taking'place. At no time had it been neoessary to consider the expedient of a moratorium. India had steadily faced all her obligations without having to fall back on ontside resources for any extraordinary measures /or help. To a large extent her additional borrowings, would be taken from her own reserves. ' He looked to the future with a sober confidence which was materially strengthened by the agricultural situation. The monsoon and winter trains liad been abundant, and they could ex* pect exceptionally bountiful crops. The cost to India of sending troops to the front was estimated at £21000,000' for the curreiit year, and £4,750,000 for the coming year. . The Budget was well received, being considered a proof of the remarkable strength of the country's resources.