Indian Finance - Three Essays with an Introduction and Appendix
by Bernard Mallet (9781406712032)

INDIAN FINANCE THREE ESSAYS, Eepiiblishcd from the Nineteenth Century WITH AN INTRODUCTION AND APPENDIX., M. P., AND PEOFES30E OP POLITICAL aaBSiPaCB LNIVERSITY OF CAMBRTDOE. MACMILLAK AND CO. 1880. T ic Rltjlit of TiiW lation and Ri yroiluctlon is llesercetl. LONDON R. CLAY, SONS, AND TAYLOR, PRINTERS, BREAD STREET HILL, B. C. PBEFACE. THE three Essays - which, form the chief contents of this volume were published last year in the Nineteenth Century, and I wish to express my best thanks to my friend, Mr. James Knowles, the Editor of that Eeview, for his kind courtesy in permitting their republication. In some introduc tory remarks I have endeavoured to show the importance of placing the present system of financial control on a different basis. Although it is generally supposed that the entire control over the expenditure of the revenues of India was vested in the Council of the Secretary of State by the Government of India Act of 1858, yet by an Act which was passed in 1869 the tenure of the office of the Members of Council was materially modified, and the discussion which took place when this Act was passing through Parliament plainly shows that the law had been left in a vi PEEFACE. state of such extreme uncertainty by the Act of 1858 as to make inquiry into the entire subject by a Parliamentary Committee urgently necessary. In a short Appendix to the last Essay, attention is directed to some important Amendments which, within the last few weeks, the Government of India have proposed to introduce into the Trades Licence-Tax, and some remarks are made on the intention which was at the same time expressed to relinquish the Famine Fund. As I have always felt that Indian questions shouldas far as possible be discussed free from any party bias, I hope it will be found that none of the remarks contained in this volume have in any way been influenced by a feeling of political partisanship. I desire to say how much I am indebted in the preparation of this book to my wife, who has revised the volume as it was passing through the press, and to my secretary, Mr. F. J. Dry hurst, who has acted as my amanuensis, and who has carefully verified the statistics which have been quoted from official and other documents. HENRY FAWCETT. CAMBRIDGE, January 21, 1880, CONTENTS. TAGK INTRODUCTORY REMARKS ... 1 THE FINANCIAL CONDITION OF INDIA ....... . 17 THE INDIAN BUDGET OF 1879 .......... 73 THE NEW DEPARTURE IN INDIAN FINANCE APPENDIX THE AMENDMENT OF THE LICENCE-TAX, AND THE B-ELINQUISIIMENT OF THE FAMINE FUND . . . . .179 INDIAN FINANCE. DTTRODUCTOEY EEMAEKS. IT is now generally recognised that no public ques tion is of more urgent importance than the reform of Indian finance, and I have decided to republish the three essays contained in this volume, in the hope that they may possibly render some assistance in showing what is the true character of the financial condition of India, and what are the measures which, it will be necessary to adopt to place her finances on a sound and satisfactory basis. In the first Essay, which was published in February last year, I endeavoured to describe the most salient features of the actual financial condition of India. Particular attention was directed in this es ay to the erroneous conclusions which are frequently arrived at with regard to the amount of the real revenue which is available to meet the ordinary expenses of govern-B 2 INDIAN FINANCE.INTRO. ment. By arranging the various items of revenue and expenditure under different classes, and by care fully distinguishing the net from the gross receipts, it was shown that the real revenue of India is less than 40,000,000 With a comparatively stationary revenue of this amount, a rapidly-increasing expendi ture had to be met. All available sources of taxation had been so nearly exhausted that large loans had each year to be raised to meet the deficits which were regularly accruing...

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