The Age Of Stars

Alliance Bank of Simla · merged · 1 January 1916

Alliance Bank of Simla: Absorbed the Delhi and London Bank, and became a member of the Exchange Banks Association while remaining an…

Absorbed the Delhi and London Bank, and became a member of the Exchange Banks Association while remaining an Indian joint-stock bank

VerifiedPeer-reviewed. Source: SHIRRAS1920 p.386; SA1924 Table 138 footnote (b)

Deccan Bank · scandal

Deccan Bank: Paid-up capital Rs 50,000

loan Rs 3 lakh against paid-up capital Rs 50,000

The agents, P. Puddumjee and Co., advanced money from 1897 to the Gadag Spinning Co. until the loan reached Rs 3 lakh; on liquidation the bank bought the Spinning Company for Rs 282,000 and placed it under the management of the nephew of the agent.

ReportedPeer-reviewed. Source: Muranjan, Modern Banking in India, p. 291 n. 1

customs tariff

Indian tariff revision (war finance)

General rate of import duty raised from 5 to 7½ per cent; exemptions greatly curtailed; machinery other than cotton-mill machinery and railway material taxed at 2½ per cent; iron and steel raised from 1 to 2½ per cent; sugar 10 per cent; large increases on liquors and tobacco; cotton duty and excise left at 3½ per cent

ReportedOfficial record. Source: FISC1922 ch. I para 20

customs tariff

New export duties

Financial difficulties of 1916 gave rise to export duties on jute (raw and manufactured) and on tea

ReportedOfficial record. Source: FISC1922 ch. I para 24

public revenue

Additional taxation

From 1916-17 onward additional taxation was imposed, which together with the normal growth of revenue raised the total revenue of the Government of India from £84,413,500 in 1915-16 to an estimated £123,404,200 in 1919-20 (converted at the conventional 1s 4d)

ReportedOfficial record. Source: BS1920 para 30

war borrowing

4 per cent Conversion Loan

Issued 1 October 1916, repayable on or before 1 October 1936 but not before 1 October 1931 with three months' notice; realised about Rs 6.73 crores including Rs 32.49 lakhs through the Post Office. Intended for £4m (Rs 6 crores), extendable to £8m; the main loan barely reached £4m

ReportedPeer-reviewed. Source: SHAH1921 ch. XCVI