11 MAY 1867, Page 3

S. Ferrari has brought forth his Budget for Italy. It

was very warmly applauded, but after reading very carefully the two very elaborate telegrams in which it is described, we must confess we clo not understand the plan. S. Ferrari intends, we are nearly convinced, to seize the Church rentes, about ten millions, and redeem the forced paper currency ; to mortgage some of the Church lands; to suppress the practice of farming the income and land taxes, and to make reductions of 3,200,000/. a year; but we must wait for the mail for details.