Page:Indian Journal of Economics Volume 2.djvu/330

 Company, accounting but until independent but it was not and 1914 audit in the PA 6A R auditing there was no Finance Government of India. consolidated. An adequate system was also provided, such thing as an Department of the In the pre-mdtiny Indian finance, whenever there was a deficit, an addition to the public debt was generally resorted to. Invariably the deficit was due to irresponsible control of army finances and to the obnoxious guarantee system of. building railways. The expenditure on botl of these items was always controlled from England. Turning to the fiscal situation of 1860 we find our- selves facing a deficit wariously estimated from 7,000,000 to 9,000,000 a of which more than 3,000,000 were to be raised by means of new taxes, and the rest to be made up by reduction in expenditure. Mr. J. Wilson, with an official experience gained at the British Treasury and the Board of Trade bring order introduced out of the Indian was specially sent to financial chaos. He a triple assessment in 1860 what may be called (1) a ax on incomes of all kinds; (2)a system of licenses for arts, trades, and professions; and (8) a tobacco tax. Out of these the last two were dropped partly because of the difficulties of levying hem and partly because they were later found unnecessary. Impor duties had already been doubled in 1859 from five per cent to ten per cent. Similarly the salt duy had also been raised in each and Before resuming every the province. story of direct taxation, it characteristics of the Government of India. Even this is very insutlioient, but the new step is in the risht dirsotion, fiscal policy pursued by the see Fina.iat 8tatemznt for 1914-15. The actual deficit w8 only 4,021,88 (Fawtt Comt, 18, Vol. I, p. 709). Et I F Mrs of 1. For e incas in  vins,  8m of Brish , sixth iue, . may not be out of place to summarize here the chief