The Sun.
London, England, 1862-05-20 00:00:00

PINANCES OF IIV-151;1.

The statement by Mr. Laing of the finances of
India for the fiscal year ending the 30th ult.,
brought by the present mail, has been a topic of
great gratification to-day among all tote mercantile
interests connected with the East. Mr. Laing's
speech was delivered on the 16th of April, and his
proposals would be finally settled at the meeting of
the Council on the 23d, no doubt being entertained
that the whole would be adopted in their integrity.
Twelve months ago, when bringing forward the
Estimates for the year which closed on the 20th
alt., Mr. Laing said ho hoped they would result in
a balance of revenue and expenditure. The revenue
now shows an increase of nearly L 1,500,000, of which
£870,000 is from land, £340,000 from stamps, and
£370,000 from Customs. The ordinary expendi-
ture has been kept close to the estimate, and shows
a reduction of about £5,000,000 on that of 1860 61,
of which about £3,000,000 is reduction in military
expenditure, £400,000 in the navy, and the rest in
civil expenditure. The total military expenditure,
which stood in 1850 1860 at nearly £21,000,000,
has been reduced in 1861-62 to £12,800,000 by the
native force, which once stood at 350,000 men, being
reduced to 130,000, and the European from 90,000
to 70,000. There would, therefore, have been a large
surplus this year, but for the circumstance that
about £700,000 has been expended in increased pay
to the producers of opium, and about as much more
on " Public Works," which Mr. Laing classes as
‘, productive." Next year it is hoped more or less
benefits will be derived from this expenditure, espe-
cially from that on opium, as a largely increased crop
is now being collected, but will not be sold until
1863. As it is a surplus exists of about £140,000.
For 1862-63, as compared with 1861-62, an increase
of revenue is estimated of £885,000, bringing the
anticipated revenue up to £43,800,000, the principal
augmentation being expected from land and stamps,
which are put down as £400,000 and £300,000 ad-
ditional, other items being much the same. In ex-
t....at.— a ~e Dann.nnn Z,.
entirely in military expenditure, which is brought
down from £12,800,000 to £12,200,000 by disband-
ing some Madras troops, and this would make the
total Indian expenditure £35,900,000, against
£36,460,000. The increase of revenue and decrease of
expenditure, with the help of the surplus of £142,000
this year, would present a surplus of about £1,500,000,
which Mr. Laing proposes to deal with thus :—He
will apply £146,000 to increased grants for educa-
tion, £380,000 to public works, £475,000 in a reduc-
tion of part of the import duties, and £250,000 by
taking off entirely the 2 per cent. income tax on all
incomes not exceeding 500 rupees a year (£5O),
leaving himself still with a surplus of about £lBO,OOO.
The reductions in import duties will be almost en-
tirely on cotton goods and yarn, which are to be
lowered to the point at which they stood prior to
1859—viz., 6 and 31 per cent., instead of 10 and 7
per cent. The paper duty (about £lO,OOO only) will
be taken off, and the duties on beer, tobacco, and
light wines of small value will be reduced by about
one-half. The duties on metals, and on all other
articles than those just named, will remain as at pre-
sent, and the reduction is to be immediate, Mr.
Laing having wisely overruled the request of the
Bombay people for a postponement for one year.