The Eastern Economist March 11 1949

The Government can safeguard only the rules of the game and that has been the only demand thafk capitalism has ever made on the State; but the game must be played and bravely by those who seek to win and the lead now given by the 'elder statesmen' of idustry is a sure sign that it would be so played." The Nation-Building Services 'IN the years before the war one source of constant A criticism [...] A third factor in the situation was the extent of direct taxation in the country which on the eve of the war stood at about 23 per cent of the total revenues. [...] The question that naturally arises is whether in the changed political context and the changing basis of the tax burden the country's devotion to the nation-builing services has received adequate attention in the hands of those who during the last quarter of a cetury have been the foremost critics of a system of taxtion and expenditure which in the main paid insuffcient attention [...] In the less important cases it was agreed that the compensation due to the nationals of the Western countries should be paid out of the eport surplus of the Eastern countries. [...] The proceedings of the Conference indicate that the delgates were alive to the gravity of the situation and the resolutions passed at the Conference show a realistic appraisal of the deplorable position of Indian cattle.