Page:The Earl of Mayo.djvu/147

Rh existing system allowed of, were constantly falsified by the results. During the two years from 1867 to 1869 the Budget estimates had shown a surplus aggregating over 3½ millions, while the actual results disclosed a deficit aggregating close on 3½ millions. Lord Mayo was thus called to deal not only with a chronic deficit, but with a financial system which allowed of an aggregate error in the Budget estimates to the extent of 7 millions sterling on the wrong side during the two years preceding his rule.

Lord Mayo found therefore three financial tasks imposed on him. He had first of all to attack the immediate deficit: amounting to 2½ millions in the year immediately preceding his rule. In the second place he had to reform the whole financial system, which allowed of the Budget estimates being annually falsified by the actual results. Li the third place he had to devise and to enforce measures of economy sufficiently stringent to place the finances on a sound footing for the future. With how resolute a will he carried out this work, the following pages will disclose. But before entering on that memorable struggle I may briefly exhibit its results. The subjoined statement shows more forcibly than any words of mine what those results meant to India. The three years preceding Lord Mayo's rule had left a deficit of 5¾ millions in 'ordinary' expenditure alone. In the very first year of his rule he established an equilibrium in the finances of India, and produced a small surplus. The three years which followed his reforms