Life And Labour of the People of India
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A sufficient closing balance is, of course, insisted on. It follows that about half the year's municipal expenditure comes from borrowed money. While the expansion of income under the second and third heads (taxation, rents, etc.) has been only about 33 per cent, during the last ten years, the increase under the head of debt has been about 600 per cent. These figures are startling at first sight, but it must be remembered that the process of sinking money in material and tangible assets — to wi...t, large public works — has been carried on very considerably in the last decade. Most of the large district municipalities have constructed their waterworks within that period. Large drainage and sewage schemes, the widening and paving of roads and thorough- fares, and measures for the prevention or fighting of plague, have necessitated large demands on the municipal exchequer. Perhaps in some cases a more cautious policy in the matter of borrowings might be advisable ; but the expert supervision of the Government makes it impossible that in LOANS AND RATES 235 any case the financial stability or solvency of a municipality should be jeopardised by reckless borrowing.
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To quickly assess the difficulty of the text, read a short excerpt:
A sufficient closing balance is, of course, insisted on. It follows that about half the year's municipal expenditure comes from borrowed money. While the expansion of income under the second and third heads (taxation, rents, etc.) has been only about 33 per cent, during the last ten years, the increase under the head of debt has been about 600 per cent. These figures are startling at first sight, but it must be remembered that the process of sinking money in material and tangible assets — to wi...t, large public works — has been carried on very considerably in the last decade. Most of the large district municipalities have constructed their waterworks within that period. Large drainage and sewage schemes, the widening and paving of roads and thorough- fares, and measures for the prevention or fighting of plague, have necessitated large demands on the municipal exchequer. Perhaps in some cases a more cautious policy in the matter of borrowings might be advisable ; but the expert supervision of the Government makes it impossible that in LOANS AND RATES 235 any case the financial stability or solvency of a municipality should be jeopardised by reckless borrowing.
What to read after Life And Labour of the People of India?
You can find similar books in the "Read Also" column, or choose other free books by Yu̲suf Ali̲, 'abd Alla̲h, 1872- to read onlineMoreLess
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