INDIA'S WAR BUDGET.

Poverty Bay Herald, Volume XLIV, Issue 14237, 3 March 1917, Page 3

INDIA'S WAR BUDGET.

\SPLENDID FINANCIAL AID

(Reuter's Telegram.) (Received March 3, 9.50 a.ra.) DELHI, March 1

Sir William Meyer has presented tln. War Budget. The year closed yith a surplus of- five and three-fifth million pounds, due to an exceptionally favorable monsoon and the remarkable growth of the railway receipts. The heavy war expenditure has thrown a heavy strain on the Indian Government's resources. As a culmination of recent restrictions remedies have been adopted winch include the purchase of sufficient silver ta provide 360 million new rupees. Ar rnngements _a*e being .made for the regu lation of exchange enabling the Govern men*, m the current year to invest m Imperial war issues to the extent <>t I twenty-seven million pounds, with paper I currency and gold standard reserves ; also to discharge seven and a-half milion pounds of debt. Although the Indian Government at present ' holds forty-six and a-half million pounds ot British wai* securities, of which thirtyfive million pounds is wholly new, the investment represents a fresh resource placed at the Home Government's disposal since the war began, independent of private investments m British war loans. Owing to the unfavorable financial situation m 1914-16 India waa unable to mak-*- a direct pecuniary subvention with the Home Government, beyond the maintenance of expeditionary forces. Sir William Meyer confirmed the Viceroy's announcement that the 00-' vernment was prepared, to raise an unlimited war loan on ,the> same terms a« British loans contributing one hundred million pounds to the Imperial Government.