England. 32. Owing to the large sterling loans issued during the year, the cash balances of the Secretary of State available for investment have been higher than anticipated in the Budget and the Revised estimate for the current year exceeds the Budget by R13-04 lakhs. The balances are expected to be smaller in 1923-24 and the Budget for that year has been taken at R9 09 lakhs less than the Revised. On the other hand, it proposed to credit to revenue the assets of the Gold Standard Reserve in excess of £40 millions and the Budget for 1923-24 includes a credit of R1,05 83 lakhs on this account exclusive ot exchange, or a total credit inclusive of exchange of 1,58.74 lakhs. 19 AND 20-INTEREST EXPENDITURE AND 21.--SINKING FUNDS. 14,92,79,916 17,88,14,392 19,05,17,484 19,94,50,000 17,44,00,000 20,29,30,000 6,96,21,840 6,61,56,260 7,23,92,711 8,29,81,000 8,66,11,000 10,04,95,000 4,33,06,000 5,02,48,000 3,70,80,095 21.89,01,756 24,49,70,652 9,99,90,290 28,24.31,000 30,43,17,000 35,36,73,000 (i) India (ii) England (iii) Exchange 7,63,56,062 8,80,51,408 | 9,22,00,832 10,13,93,000 10,58,98,000 12,16,05,000 (c) Posts and Telegraphs. (d) Provincial Govern 8,83,915 9,25,348 12,18,481 9,51,000 9,51,000 ments Total deduction gations 1. India 2,71,36,535 2,81,76,443 2,58,41,800 2,99,73,000 3,10,54,000 4,00,15,000 14,11,56,782 15,49,52,899 18,90,89,344 18,31,85,000 20,80,18,000 23,57,21,000 Interest on Ordinary Debt. 7,72,44,974 9,00,17,753 11,09,00,946 9,92,46,000 9,62,99,000 11,79,52,000 Interest on other Obli 46,18,701 42,31,496 19 AND 20 INTEREST EXPENDITURE AND 21.-SINKING FUNDS. 1,23,00,000 1,23,00,000 2,29,71,571 2,04,00,000 2,29,00,000 2,20,44,000 10,87,56,112 12,38,67,188 15,99,70,014 15,20,09,000 15,07,90,000 17,21,57,000 £ L £ L શ £ 192,631,082 191,329,245 205,128,482 224,257,445286,679 482 251,820,282 R R R Ꭱ R R 25,00,00,000 ... 25,00,00,000 86,83,19,138 58,67,75,410 39,37,38,400 31,76,43,000 31,65,38,400 29,31,35,400 45,96,52,000 45,28,51,700 43,48,64,175 41,50,33,700 41,57,00,175 39,80,20,175 17,36,92,10 0 17,24,87,200 17,12,87,200 17,00,87,200 14,81,20,200 11,94,01,200 1,19,07,99,465 1,19,12,88,891 1,19,18,45,533 1,19,18,56,891 1,19,25,27,533 1,19,28,27,533 6,61,57,750 6,55,80,050 6,49,05,450 6,48,80,050 6,41,05,450 6,37,55,450 1,00,13,500 1,00,13,500 1,00,18,488 1,00,13,500 1,00,13,488 1,00,13,488 42,89,00,000 43,67,10,000 53,96,70,000 42,34,10,000 21,05,70,000 15,55,70,000 i rency Reserve. .10,09,00,000 61,26,00,000 57,89,00,000 46,74,54,000 49,65,00,000 49,65,00,000 Savings Bank Balances 41,19,82,242 44,99,23,394 49,90,71,997 54,72,71,394 54,09,94,997 59,42,00,997 Interest on Ordinary Debt. Revised, 33. The gross charges on account of interest on debt show a saving of 1922-23. R1,960+ lakhs as compared with the Budget after allowing for loss by Budget, 1923-24. exchange on the expenditure in England which the Budget did not include. Though the borrowings both in India and in England have been larger than the amounts budgeted for, a full half year's interest in respect of the greater part of these does not fall due within the current year. The success of these borrowings has, moreover, ma le it possible to fund a substantial portion of the floating debt and the payment of interest for short periods in respect of the loans raised during the year is much less than that which would have been payable for the replacement of the treasury bills discharged. 34. In the Budget for 1923-24 provision has been made for a full year's interest on the rupee loan of R7 crores and the sterling loans of £32 millions raised in the current year. A sum of RS0 lakhs has been set aside for the service of the rupee loan and £475,000 for the service of the sterling loan to be floated in the coming year and R3,13 lakhs for discount on treasury bills; of the latter, R2,20 lakhs will be required for the replacement of the Indian treasury bills held in the Paper Currency Reserve. The balance of R93 lakhs will be available for meeting the discount on the treasury bills which it is anticipated will be sold to the public during the course of 1923-24 in partial replacement of those issued in the current year. Allowance has been made for the discharge of the War Bonds, 1923, amounting to R1 crores and the terminable loan of 915-16 amounting to R2 crores, both of which are due for payment next year, and provision has been entered in England for the dividends due on the undischarged balance of India's share of the British war debt. Transfers 35. The amount of interest transferred to the accounts of the commercial o Comnercial departments depends, firstly, on the capital expenditure; secondly, on the Depart actual payment of interest on that portion of the debt which has been incurred specifically on account of the construction or purchase of Railways; and, thirdly, on the rate at which interest is charged on that portion of the incial debt which has not been specifically raised for the above or other purpose. Govern. The present procedure is to charge to railways, posts and telegraphs and nents ind Pro nents. Revised, 1922-23. irrigation works, in respect of that portion of the debt which has not been incurred specifically for these works, interest on Capital expenditure incurred to the end of 1916-17 at the rate of interest specified in the Devolution Rules and interest on capital outlay in subsequent years at the average rate paid on borrowings in that period. The variation in the amount of interest to be transferred to railways and posts and telegraphs in the Revised estimates of the current year as compared with the Budget figures is the result of fluctuations in the rates of interest and in the capital outlay on which the interest is calculated. The increase in the Budget estimate of 1923-24 is almost wholly due to the progress of the capital expenditure. The Budget estimates Budget, of 1923-24 for recoveries from Provincial Governments allows for a full year's interest on the loans granted to them by the Central Government during the current year. 1923-24. Revised, 1922-23. Interest on other Obligations. 36. The discharge of Post Office Cash Certificates has not been on the scale anticipated and the payment of bonus will therefore be R1 lakhs less than the Budget for the curreat year. There will also be a decrease of |