Intlia.—The news from India is only important as regards Mr.
Laing's financial measures. It is now quite clear that the Govern- ment of India do not share Mr. Laing's distrust of the income-tax, or his wish to replace it by other measures. On the 13th July Sir Bartle Frere brought in his Income and License Tax Bill, and on the former subject gave the striking facts detailed in the following pas- sage of his speech :
"He expressed his dissent from Mr. Laing's opinion, that it had proved financially a failure. On the contrary, although he admitted that it was as yet impossible to state what would be the permanent financial results of that measure, he bad evidence sufficient to war- rant the fulfilment of their best expectations regarding it. In the first four months of its existence, when with respect to it there were still many opposing causes, it had produced only 11,61,000 r., or an aver:tone of 2,90,250 r. a month. But in the following months, after it had come fairly into play, its results were as follows :
December, 1860 . . . . 4,32,000 Rs.
January, 1861 10,00,000 February, 1861 . . 13,40,000 March, 1861 . . . 15,24,000 April, 1861 . . . 20,59,000 11 ay, 1861 28,55,000
This wonderful monthly progression gave them the best hopes, and he could not but think that Mr. Laing was much within the mark when he calculated that the tax would produce only 1,400,000/. for the whole year. Outside observers share the opinions of Sir Bartle Frere in this respect. Indeed, even if April—net the most favour- able month, be taken as a fair average for the year, it will be seen at. a glance that the tax will realize one million more than was an- ticipated. But, under the wise system proposed, of accepting present returns instead of harassing men's minds by calling for fresh ones, or by introducing the tax in a new shape, it will probably produce even more, and will prove to be what its author intended it, the great means of making good the financial deficit caused by the mutiny,"
He estimated a deficiency on Mr. Laing's estimates of no less than 1,200,0001., caused chiefly, of course, by the great fall in the price of opium. The License Bill was left in the shape in which 4 was intro- duced last year, except that the tobacco tax was omitted. Mr. Laing's Currency Bill was recommitted, read a third time, and passed, and so passes the chance of any Immediate saving on a large scale, in this &Action.
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