It is hardly a fortnight since Sir W. Muir, the
Indian Finance Minister, stated that the Government at home would this year raise a loan of £2,700,000. Nevertheless, the Government here has invited tenders for a loan of £4,000,000. As under Lord Salisbury's recent orders the Budget must have been settled with the Secretary of State before publication, the difference, though of no great importance, is remarkable. It is presumed that the India House is strengthening itself to avoid being compelled to sell bills at low rates ; but a sudden addition of /1,300,000 to a loan, after an official declaration that it would not be required, is not a sound precedent. The loan is at 4 per cent., not to be paid off till 1888, and not then without a year's notice, and will, of course, be taken at once.