Lord Lawrence

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The financial result in the end, I70 LORD LAWRENCE chap.
though fully capable of explanation, did indeed fall short of complete success ; but this partial failure did not at all arise from any fault of his. Indeed it occurred despite his well-directed exertions. He left India with some- what gloomy anticipations regarding its financial future. He feared lest his countrymen should fail to appreciate the standing difficulty of Indian finance. He knew that the Natives may have more means relativel
...y to their simple wants than the corresponding classes in European countries, and in that sense may not be poor.
But he thought that their power of paying revenue down in cash was very small according to a European standard, and that their fiscal resources were singularly inelastic.
In connection with finance he was much troubled by the failure of the Bank of Bombay. On his arrival in India the American Civil War, then at its height, was causing a rapid rise in the value of cotton in Western India, and an excessive speculation in consequence.


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