Page:Indian Journal of Economics Volume 2.djvu/331

INDIAN INCOME ?AX 817 First, the post-mutiny finance is characterised by the free-trade the present pursued till policy, which, though system of its climax Government not in 1882 under inherent in vigorously the finance ministership of Sir Charles Baring (the late Lord Cromer) and Governor-Generalship of Lord Ripon, only opium, and spirits being present reaction left on the in fayour of salt, arms, liquors, Indian tzriff. The protection dates back to 1888 when for the first time a small duty on petroleum was levied. In March 1894 the general rate on imports was fixed at five per cent. Foodgrains, raw materials, and machinery are admitted free of duty. The duty on cotton goods hc?wev?r was reduced to three and one-half per 1896 and a corresponding excise cent in February. duty on domestic goods was also levied. The general import cotton tariff was not disturbed until the European War. In 1916 to meet the increased military burdens the general a?-valorcm rate of 5 per cent fixed since 1894 was increased to 7? per cent except that on sugar There list. was also a On account which was fixed at 10 per cent. substantial curtailment of the free of the pressure h'om the Home Authorities the cotton schedule was not disturbed but owing to the increased. military demands the cotton import duties Indian Government raised the on cotton goods from 3? per cent to 7? per cent without correspondingly increasing the excise duty on cotton goods. The export schedule was also modified in 1916 and as a result the duty on tea was fixed at Re. 1-8-0 per 100 lbs.; in the case o! jute the duty on raw jute was at Rs. 2-4-0 per bale of 400 lbs.; manufactured jute was charged at the rate of Rs. 10 per t?n on The export 'Secondly abused sacking and Rs. 16 per ton on Hessians. duties on jute were doubled in 1917. it wao in this period that the much guarantee system o! building railways was