Sir J. Gorst explained the Indian Budget on Thursday night.
It certainly does not open a very brilliant prospect. The statement is made in tens of rupees, and as ten rupees are (in India) worth now about 15s., it might, roughly speak- ing, be reduced to pounds sterling by taking three-quarters of the amounts given. For the year 1886-87, the latest year for which there are complete accounts, there was a surplus of 178,427 tens of rupees, as compared with only 500 tens of rupees reckoned on in the revised estimate, and this after defraying the charge for special defence works. The improvement was due to much larger receipts from land revenue and opium in March (the last month of the financial year) than had been allowed for. For 1887-88, there was an anticipated Budget surplus of 16,700 tens of rupees. But last September the Budget estimate was shown to be much too sanguine; and now again it is hoped that the revised estimate for 1887-88 will show a much better result than that anticipated last September, though not so good nearly as the Budget estimate. The revised estimate in March showed a deficit of 3,016,700 tens of rupees ; but it is believed that this will be reduced in India by 635,000 tens of rupees, and in England, including exchange, by 120,900 tens of rupees. Apart from conversion of debt and special frontier defences, Sir J. Gorst expected that the year 1888-89 would show a considerable improvement upon 1887-88.
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