REVENUE AND EXPENDITURE.
655
A gradual reduction of army expenditure is contemplated by the government.
The revenue derived from the opium monopoly is more than sufficient, even in the lowest years, to pay the interest of the public debt of India. The amount of the debt, including that incurred in Great Britain, was, on April 30, 1857, 54,490,798/. In the course of the next five years the debt was very largely increased, and on April 30, 1862, it had risen to 107,514,159/. Since that time, the Government have been enabled to pay off some portion of it, and at the end of the financial year 1869, the principal sum had been reduced to 102,866,189/.
The subjoined table shows the amount of the public debt, and the interest thereon, of British India, distinguishing the debt in India and in Great Britain, in each of the ten years 1860 to 1869 : —
Years ended April 30 and Slarch 31
In India
In Great Britain
Debt
Interest
Debt
Interest
1860 1861 1862 1863 1864 1865 1866 1867 1868 1869
£ 71,969,460 71,901,081 72,418,859 72,656,135 72,207,645 72,352,455 71,437,251 72,526,815 71,289,111 71,168,289
£ 3,123,327 3,232,104 3,134.897 3,351,680 3,093,250 3,261,261 3,327,651 2,953,038 3,650,297 3,559,999
A 26,138,000 29,976,000 35,095,300 31,839,100 26,310,500 26,125,100 26,946,400 29,538,000 30,697,000 31,697,900
£ 766,864 1,061,233 1,426,008 1.486,916 1.372,599 1,221,124 1,249,765 1,306,293 1,452,490 1,465,015
It will be seen that the total debt amounted to 98,107,460/. in 1860, and that it had grown to 102,866,189/. in 1869. The total interest, which was 3,889,191/. in 1860, had risen to 5,025,014/. in 1869, or nearly one-third within ten years. The debt in England, it will be remarked, grew alone, while there was an actual decrease of the debt in India.
The currency of India is mainly silver, and the amount of money coined annually is large. In the five financial years, ending the 31st March, 1869, the value of the new coinage was as follows: —
Tears
Gold
Silver
Copper
Total
£
A
A
£
1865
95,671
10,485,865
229,861
10,811,397
1866
17,662
14,507,079
269,337
14,794,078
1867
27,717
6,182,668
143,566
6,353,951
1868
21,534
4,382,359
26,361
4,430,254
1869
25,156
5,341,708
90,219
5,457,083
