INDIA

Taranaki Daily News, 4 March 1916, Page 5

INDIA

AN INTERESTING BUDGET. HEtt AID TO THE EMPIRE. Received March 3, 6.40 p.m. Delhi, March 2. The Minister of Finance delivered the Budget to-day. He estimated that for the year coming to a close there would be a deficit of close on two millions sterling. A striking feature of the year was an increase of 2% millions in railway revenue, which would partly counter-balance the military expenditure of l'/o million. It was expected that the revenue for the coming year would be 152 millions, and the expenditure 154% millions, but this would be converted into a surplus of one million by the new taxation, which would include sugar, tea, grain, raw jute, spirits, and a long list of manufactured and other articles whljh were now on the free list. While the taxation was increased, cotton duties would be untouched until after the war, when this would be considered in connection with the general fiscal policy for the Empire. Forward contracts for tea and jute, made before March 1, would be exempted from the new duties. The Budget has provided for an increase in incsme-tax. The estimated cost to India of expeditionary forces till March 31 is eleven million pounds, and for next year eight millions. India had also lent assistance in furnishing supplies, making munitions, and in other directions to the extent of ten millions in the first year and eighteen millions i:i the coming year, besides a donation to patriotic funds of a million pounds. The policy for the coming year was to keep down expenditure, thus strengthening the financial position. The Minister stated he was convinced ithat India's determination to support the honor and dignity of the Empire and its prestige, regardless of sacrifice, had the full acquiescenc* of the Council and the M.Wftkfe