Page:Indian Journal of Economics Volume 2.djvu/251

PRINCIPLES OF FINANCE 2139 as a rule, who decides what he wants to spend during the next week or month and then uses a part of his ample leisure time to work just snfficiently'.long to provide the income necessary to meet the expendi- ture determined on. Perhaps this example is not altogether fanciful, for casna! labcurers in India; as elsewhere, are rather given to working only when they are short of the means of subsistence or when some special need arises. of this system, however, is The important example that of the finances of some of 'larly England. There the Government budge? of expenditure upon the basis of the western European nations, more parties- prepares its the public needs which are,considered to be urgent; and every expenditure coming up to a 'certain level of urgency s?nction without direct are the fnnds available to is submitted for to whether there reference meet it adjust the income to the necessary expenditure as exactly as possible, the budget usually providing for settled sources of revenue; and rates of certain t?xes considered then he varies the to be suitable for this purpose, such as the income-tax and the duties upon tea, tobacco, spirits, and sugar. The aim is to a small surplus estimation of the' yield of some of tl?e taxes year. The Englisl? mnnicipa! cormelis and as a margin against possible nnder- of the connty councils adopt a similar method of finance. Their revenue arisesha]most entirely from rates levied upon the annual value of real property, both buildings and land. The annual value of every property is assessed or not. When the Chancellor of the Exchequer has prepared his budget of necessary expenditure as sub- mitred by the various departments, he advises as to the ways and means of raising the revenne required to meet this expenditure. He estimates the yield bf the taxes which are regarded as fixed and of the other