INDIANS WORK FOR THE EMPIRE

New Zealand Times, Volume XLII, Issue 9600, 5 March 1917, Page 5

INDIANS WORK FOR THE EMPIRE

VALUABLE PECUNIARY HELP AFFORDED UNFAVOURABLE FINANCIAL POSITION CAUSES NO WAVERING. - " ‘By Telegraph— Press Association—Copyright. v : ; - Australian and N«» Zealand Cable Association. - - DELHI, March 1. “'Sir William'Afeyor presented the War Budget in the Legislative Council. He said that th«s_yfiax. bad closed with a surplus of £5,600,00^-wlu'clr.waa-'duo to an exceptionally favourable monsoon and a remarkable growth m railway receipts. . , , . . - - v _ . The heavy war-expenditure had thrown a severe stram on the Indian Government's resources, oil minuting in the recent restrictions. Tho remedies adopted include the purdiase of sufficient silver to provide 360,000,000 new rupees; arrangements for the regulation of exchange enabling the Government during tho current vear to invest in Imperial war issues to the extent of £27,000,000; paper currency and a gold standard for reserves; also the discharge of £7,500,000 oLdobt, although the Indian Government at present holds £16,500,000 of British .war securities, of which £35,000,0000s a wholly new investment, and represents a fresh resource placed at the” Homo Government’s 'disposal since “the war began, independent of private investments in British war loans. ” , . , , " " Owing io the unfavourable financial situation during the period 1914-1916, India -Was unable to-make direct pecuniary subvention to the Homo Government, bevond- the maintenance of her Expeditionary Forces. Sir William Meyer confirmed tho Viceroy's ansauncemen that the Government was prepared to raise an unlimited war loan on the same term's as the'British loans, inerdar.. to contribute £100,000.060 to tlio Imperial Governm&ni. * . -Thnxproceods of the ’unlimited Tvar loan would bo given to tho Home Gov-crnift^ntr-attd'the roTnaindctr of tho contribution' (£100,000,000 in. all) would bo. effected bv India’s taking Dverra portion of the British-War Department; - Additional taxation, would bo required, which would be realised as’ fefllawsA supertax on -large incomes, the increasing by 100 per cent, of cthe present jute, export duty, an increase on tho cotton import duty, and a sur-charge-daviaihray goods. ■