10 AUGUST 1878, Page 2

If we are really to have this new era, it

is certainly strange that the Government anticipates so little in the way of expense from the novel and magnificent Oriental policy on which they have resolved. Sir Stafford Northcote on Tuesday brought up Supplementary Estimates of £3,767,000, which, added to £2,750,000 of Exchequer bonds, which stand to be redeemed this year, make £6,517,000, towards the defraying of which there is only the surplus revenue of the year over ordinary expenditure, amount- ing to £2,210,000, or a final deficit of £4,307,000. To meet this deficit, Sir Stafford proposes simply to continue to owe it, till he can pay it out of the surplus of three years. There are already two millions and three-quarters of Exchequer bonds which it was intended to redeem before April next. Besides this, he takes power to issue £2,000,000 more, i.e., simply to defer pay- ment for the present. This is clearly not a heroic policy. Now, as Lord Beaconsfield and Lord Salisbury exhort us most bravely to a heroic policy in Asia Minor, it would have been reaaonable, we think, to begin our new course of heroism with our finances, and not to defer meeting even our small preli- minary expenses till the strain of the great heave comes upon us. The intentions of the Government towards Turkey may be strictly "honourable," but measured in cash, they are clearly not of a kind for which Turkey could claim substantial damages, if she should ever sue us for a breach of promise.