14 DECEMBER 1867, Page 2

The Italian Budget for 1868 was proposed on December 12,

by the new Finance Minister, S. Cambray Digny. No details are given in the telegram, but it is announced that the Government intends to levy the multure tax, an impost which, it is believed, will yield at least four millions a year, but which will create extreme discontent, and will not of itself create an equilibrium. The Government, however, has 7,300,000/. in the Treasury to meet the interest on the Debt, and the money from Church lands exceeds expectation. The King, however, it is said, insists on bringing the Army up to its war strength, or 300,000 men, and is trying to purchase breech-loaders.