Count Arrivabene has written a letter to Lord Stratford de
Redcliffe to re-assure him on the prospects of Italian finance. He shows that the deficit has been reduced from near 13,000,0001. in 1864 to little more than 8,000,0001. in 1865, with a good pro- spect of further reduction to 4,000,0001. (if there is still peace) in 1866. He shows that an income-tax equal to one-tenth of the revenue, .2,400,0001., is now raised in Italy, and that the military expenditure has been diminished without reduction of effective strength. On the whole we think he shows fair reason to hope for an equilibrium between expenditure and revenue within three years, if war does not break out before that time. If it does, and settles the Venetian question favourably for Italy, the prospects will be still more hopeful. Italy could well afford another 100,000,0001. added to her debt,—it is not now over 150,000,0001., —to secure unity and get rid of the constant threat of war which Austria now holds over her.
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