INDIA'S FINANCES

Dominion, Volume 11, Issue 141, 4 March 1918, Page 6

INDIA'S FINANCES

HUGfi SUMS CONTRIBUTED FOR WAR

PURPOSES

FINANCIAL STRENGTH BROUGHT OUT

(R'ec. March 3, 5.20 p.m.)

Delhi, March 2. Sir William Meyer presented the annual financial statement of the Council of the Governor-General of India for the year, which closed with a surplus of £5,750,000, due to the i favourable monsoon and the record growth of railway receipts, but those were counterbalanced by the increase in the military charges,' now totalling nearly £29,000,000. It had only been possible to meet the heavy demands on the resources of the Government in financing the war by the success'of the War Loan, which brought in £35,000,000, and the Indian Treasury bill issues, which were expected to total about £30,000,000 by the end of the year. During 1917 the Government had put £32,000,000 into British Treasury bills, making a total since the beginning of the war so invested of £67,000,000. These figures were independent of India's special contribution of £100,000,000 to the Imperial Government. . Sir William .Meyer estimated the revenue surplus in 1918-19 at £2,250,000. Ho indicated that it was not intendedto increase the taxation, but proposed to raise a further War Loan of unlimited amount. He claimed that the war had brought out India's financial strength in a remarkable maimer. —Reuter.