Page:Indian Journal of Economics Volume 2.djvu/590

H. STANLEY ,IBVONS and every project. opportunities for the remunerative Government of capital funds. The two outstanding features of This done, we shall find abundant investment by India's financ? position which prove its strength are the abnormal excess o smallness courtfry's receipts' over expenditure, of the unproductive debt total national wealth. Finance have in recent years budgetted with extreme with the result that considerable fact been realised. As the last and the extreme relatively to t? Members caution, surpluses have in monsoon rainf?] revenue and expen?iiture of India for .She_latest year for which they are available at the time of writing, namely 1916-17. As published by the Government of India the figures do not mean anything to nine- tenths of the persons who read ?hem. I propose, ?herefore, to recss? ?hem in ?he form of accounts which is familiar ?o business men, sep&rsfing ?ho commercial services from ?he taxation and civil expenditure, and from ?he results of. loans and investments, and also separating receipts and expen- diture on revenue sccoun? from capital ?rsnsse?ions. (1918) was poor over a large area, sud as India has undertaken to bear s larger share of the military burden of the war, the surplus to be expected in the present year must be very small; but with the recovery of trade, following the resumption of normal shipping facilities, s great expansion of customs revenue may be expected, and likewise an expansion of income tax, so that in future years of good or normal monsoon rainfall s handsome surplus is likely sga? to be 'the rule. The true financial position of India will be best understood if we analyse the ?ccounts of the public