19 JANUARY 1867, Page 2

S. Scialoja, Italian Minister of Finance, has brought forward his

Budget for 1867, which shows that the deficit for 1867 will be

7,200,0001. This sum, however, like the deficit of 1866, will be covered,by the sum of 14,400,0001., which Mb in the Treasury at the close.of 1865, and whioh was the produce of loans, and S. Scialoja hopes to avoid for years the necessity. of further borrow- ing. The,receipts do increase slowly, and would increase rapidly were not all internal taxes farmed ; and the Clericals, who believe that Italy must shortly be broken up, have offered 4,000,000/. a year for five years for part of their confiscated estates. It is believed this offer will be accepted, and the Government will thus obtain time for reductions and the consolidation of the new regime. The Italian financier expects an "equilibrium in 1880," which is at all events not a very sanguine estimate, either of his own skill or his country's resources.