INDIA

North Otago Times, Volume CI, Issue 13234, 4 March 1915, Page 5

INDIA

A SPLENDID BUDGET.

VERY HOPEFUL OUTLOOK. i—l (Per Calile.—l'rcsi Association.—Copyright)

Received March .'I, at 5,5 p.m. DELHI, March 2.

linn. Sir W. S. Meyor, Finance lliuister,has presented to the Legislative Council tk.o iinnunl financial statement; lie announced a .deficit for the current year of £2 t 750,000,aiKl forcrastcil a similar deficit for the incoming year. The deficit wns the outcome of deficits due to the* war on ■customs' and railway receipts, No additional' taxation is proposed, as tlic deficit was due to tem ; ' pornry special causes, mid India's ilnproductive, debt was very small. Reviewing tho economic effects of the" war tho Minister stated that the Budget proposals worn based on tlio sup l ' position that the war ..would.. Inst. throiißh ]!)3u-10. An nttihulo of emitiou Was therefore essential; From August to December the imports had declined £17,000,000. or .'l2 per centum; Hie expenditure had declined £27,000,000, or 4" per centmii. A full irrigation and it reduced railway -programme would lie carried out, involving £8,000,(100,' wliile only £25.0,000 would be spent on' new Delhi. India 'had been much buffeted by her inherent strength, fler financial and economic, position has been demonstrated at every turn, and, her loans' and paper money stood prac tically unimpaired. An unprecedented draiji on tho Savings Bank had been met, and there had been no crush in exchange, such as pessimists sometimes foretold would happen in a world's crisis. Measures had licon taken to maintain the stability of the rupee, and hitdnict with full success. Readjustment of trade was already taking place, and at no time had it been necessary to consider the expedient of a moratorium. India had steadily faced all obligations; without having to fall back upon outside resources for any extraordinary measure of,help. To a largo extent,'tli'e Minister said; his additional borrowings would be taken from their own reserves., He looked to tlio f ntiiru, with sober confidence, which was materially strengthened by the agricultural Situation. The monsoon and rintor rains had been abundant, and they could expect exceptionally bountiful crops. India's cost of sending troops' to the front was estimated at £2,ooo,ooo'for tho current year, and £1,750,000 for the coming year, . The Budget ,wus well received, and. it is considered a proof of the remark-' able strength of'tho -country V resources. :