18 JANUARY 1868, Page 3

The Italian Parliament has reassembled, but the debates have been

dull. General Menabrea's opening speech was vague, a mere 'exhortation to rally round the cause of order, and the Members await Count Cambray Digny's budget on the 20th. It is stated that he will propose a loan on the security of Church property and some new taxes, but it is not known whether his proposals have been submitted to the King. The " deficit," that is, the aggregate of the floating debt, is estimated at 24,000,0001. sterling, but the point is the extent of the difference between receipts and expenses in the past year. The Italian financiers, like the French, muddle 41p aggregate deficiencies with annual deficits till their statements are, at first eight, unintelligible.