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Indian Finance. Three Essays | by Henry Fawcett



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 Review, for his kind courtesy in permitting their republication. In some introductory 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 state of such extreme uncertainty by the Act of 1858 as to make inquiry into the entire subject by a Parliamentary Committee urgently necessary.

TitleIndian Finance. Three Essays
AuthorHenry Fawcett
PublisherMacmillan And Co.
Year1880
Copyright1880, Macmillan And Co.
AmazonIndian Finance

(Republished from the "Nineteenth Century")

With An Introduction And Appendix.

By Henry Fawcett, M.P, Fellow Of Trinity Hall, And Professor Of Political Economy In The University Of Cambridge.

-Preface
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 th...
-Introductory Remarks
It is now generally recognised that no public question 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...
-Introductory Remarks. Part 2
It was perhaps impossible at the time the transfer took place to foresee many of the defects of the new system of government which was then introduced. As, however, more than twenty years have now ela...
-Introductory Remarks. Part 3
Lord Salisbury, challenged to prove the accuracy of this opinion, re-affirmed it in the most positive manner, and said that he arrived at this interpretation of the Act of 1858 after consulting the ve...
-I. The Financial Condition Of India
As there seems to he every probability that during the next few months an unusual amount of public attention will be directed to Indian affairs, I think the present may be regarded as a suitable time ...
-I. The Financial Condition Of India. Part 2
Thus the following is an official statement of the ordinary revenue and expenditure for the year 18 76-77.1 In making a comparison between revenue and expenditure, I think it is fairer to select this ...
-I. The Financial Condition Of India. Part 3
As the Government of India have repeatedly declared that they are fully sensible of the very serious consequences, both financial and political, that may be produced by adding to the taxation of India...
-I. The Financial Condition Of India. Part 4
Next proceeding to consider the revenue derived from opium, there is no branch of Indian revenue which has lately shown so large an increase. It appears from an official paper which was laid before Pa...
-I. The Financial Condition Of India. Part 5
As, therefore, this important item of receipt in the customs duties of India will be liable to constant attack from persons possessing great power and political influence in England, and as there is n...
-I. The Financial Condition Of India. Part 6
Since 1867 she has had to bear the severe strain of successive famines; and in 1867 there seemed to be no probability that her finances would be crippled by that depreciation of silver which has been ...
-I. The Financial Condition Of India. Part 7
Passing on to consider the second of the four chief branches of expenditure - namely, the general cost of administration - the evidence which was given before the Parliamentary Committee on Indian Fin...
-I. The Financial Condition Of India. Part 8
It is impossible to foresee whether the future productiveness of these mines will increase or diminish, and it may of course happen that silver mines may be discovered in other parts of the world. It ...
-I. The Financial Condition Of India. Part 9
Many other branches of Indian expenditure might be referred to, besides those to which attention has been here directed. I think, however, enough has been said on the subject of revenue and expenditur...
-I. The Financial Condition Of India. Part 10
Nothing more than a very trifling amount can ever be raised by imposing taxes on luxuries which are consumed by the few. The indirect taxes which are really productive are those which are imposed on a...
-I. The Financial Condition Of India. Part 11
Whether or not a particular outlay can be justified depends upon the amount of income out of which it has to be made. Nothing, for instance, may be more appropriate than for a man with 4,000l. a year ...
-I. The Financial Condition Of India. Part 12
The well-known saying of one who held a high official position is only too true, that Indian finance has again and again been sacrificed to the exigencies of English estimates. No one can reasonably...
-II. The Indian Budget Of 1879
In the previous Essay, I endeavoured to describe the financial condition of India, and I hope to be able in the following remarks to show the additional light which has been thrown on the present fina...
-II. The Indian Budget Of 1879. Part 2
As the cotton duties are now almost entirely imposed on the finer sorts of goods, which are chiefly consumed by the rich, it is obvious that the repeal of these duties would reduce the amount of taxat...
-II. The Indian Budget Of 1879. Part 3
When the nature of the new taxation which was imposed upon the people of India is considered, a most ready assent must be given to the opinion thus expressed by the Viceroy, that the sole justificati...
-II. The Indian Budget Of 1879. Part 4
On all sides opinions are now expressed about the state of Indian finance, which only a short time since would have been described as the idle forebodings of sensational alarmists. The following is a ...
-II. The Indian Budget Of 1879. Part 5
Far, therefore, from desiring in the slightest degree to add to the difficulties which have now to be encountered by those who are responsible for the finances of India, no effort should be spared to ...
-II. The Indian Budget Of 1879. Part 6
If it is difficult for the Government to borrow comparatively so small a sum as 3,500,000l. from the people of India themselves, it is evident either that they are too poor to lend, or that they are u...
-II. The Indian Budget Of 1879. Part 7
Although, therefore, from the considerations just adduced, it appears to be of the first importance not to attempt artificially to regulate the supply of silver, yet much can undoubtedly be done by Go...
-II. The Indian Budget Of 1879. Part 8
Change after change is introduced into the organisation of our army, without a moment's thought being given to the effect which will be produced on Indian finance. A large part of the increase in the ...
-II. The Indian Budget Of 1879. Part 9
The Indian Government, by the acceptance of such an eleemosynary loan, virtually confess that the strain now put on the finances of India is more than she can bear, and that she is obliged to come to ...
-III. The New Departure In Indian Finance
It has been specially provided by the Government of India Act, of 1858, that there shall be annually made in the House of Commons an Indian Financial Statement. Although the statement thus made is usu...
-III. The New Departure In Indian Finance. Part 2
From the reference that has just been made to the opinions recently expressed by the Governor-General and the Secretary of State, it not only appears that the necessity of immediately obtaining a larg...
-III. The New Departure In Indian Finance. Part 3
In enumerating the causes that have produced the striking change of opinion with regard to Indian finance to which reference has been made, chief prominence must be given to the four following circums...
-III. The New Departure In Indian Finance. Part 4
It is well essay was written, it is proposed to amend the Trades Licence Tax in many important particulars. These amendments are considered in the Appendix. The object I have in view in making thes...
-III. The New Departure In Indian Finance. Part 5
They are purchased by merchants and others who have payments to make in India, and as these bills thus take the place of specie, it is obvious that each increase in the amount of these bills proportio...
-III. The New Departure In Indian Finance. Part 6
The 2,000,000l, which has been thus advanced by England will no doubt afford India some temporary relief; but it is obvious that this relief is obtained by having recourse to the expedient of discount...
-III. The New Departure In Indian Finance. Part 7
With regard to railways, which represent the other great branch of public works expenditure, the financial results which have up to the present time been obtained are no doubt in some respects more sa...
-III. The New Departure In Indian Finance. Part 8
Enough has probably now been said to prove that the time has arrived when, in order to restore the finances of India and prevent them drifting into hopeless embarrassment, it is absolutely essential t...
-III. The New Departure In Indian Finance. Part 9
The Governor-General might, and often did, spend two or three months at one of the hill sanitaria, but never dreamt of taking with him the whole apparatus of government. . . . Such public opinion and ...
-III. The New Departure In Indian Finance. Part 10
It cannot be denied that, whatever may have been the intentions of successive Secretaries of State, very little progress has been made in giving effect to it.1 As I have had occasion to express stron...
-III. The New Departure In Indian Finance. Part 11
One simple principle should regulate the official pay both of natives and of Europeans. The Government, being trustees of the public revenue, are not justified in spending one shilling of this revenue...
-III. The New Departure In Indian Finance. Part 12
His position would be the more intolerable if he were treated as India was as regards her army, and, after having been compelled against his wish to join the partnership, he is forced to continue it w...
-III. The New Departure In Indian Finance. Part 13
Nothing would be more unwise than to underrate the difficulties which will have to be encountered by any Government that is determined to effect such reductions in Indian expenditure as those which ha...
-Appendix. The Amendment Of The Trades Licence-Tax, And The Relinquishment Of The Famine Fund
In the last Essay, reference was made to the many gratifying indications afforded by recent events that, with the general recognition of the true financial condition of India, a new spirit would in fu...
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