INDIA

Taranaki Daily News, 4 March 1918, Page 5

INDIA

FINANCIAL STATEMENT. I A LARGE SURPLUS. SUCCESS OF WAR LOAN. ;■ Reuter Service. Received March 3, 5.20 p.m. Delhi, March 2. Sir William Meyer has presented the annual financial statement to the Council. This showed that the year -closed with a surplus of £5,750,000. This result is due to the favorable monsoon and the record growth of railway receipts, hut it is counter-balanced by the increase in the military charges,' now totalling nearly £29,000,000. ' U has only been possible to meet the heavy demands on the resources of the Government in financing the war by the success of the war ioan, wheh brought in £35,000,000, and the Indian Treasury bill issues, which it is expected will total about £30,000,000 by the end of the year. During. 1017 the. Government put£35,000,000 into British Treasury bills, making the total so invested since th<v beginning of the war £07,000,000. These figures are independent of India's special contribution of £100,000,000 to the Imperial Government. The estimated revenue surplus for IOVS-10 is .-62,250,000. The statement indicated that it was not intended to increase taxation, but it is proposed to raise a further war loan of an unlimited amount. It claimed that the war had brought out India's financial strength in a remarkable manneF. ,