Times a valuable letter on the financial position of the
country. Ile imffirmns that, although not prosperous, that position is not hopeless. Between 1862 and 1869 the ordinary revenue of the kingdom has risen from £18,850,000 to X31,420,000, that is, it has nearly doubled ; while the expenditure, apart from the "intangible" outlays, interest on debt, pensions, and so on, has been reduced from 127,268,000 to £21,780,000, the reduction having been effected mainly in the military and marine budgets. Unfortunately the " intangible " expenditure has increased at the same time from £9,572,000 to £24,250,000, the interest on debt having increased by £10,000,000, the guarantees to railways by £2,000,000, and the pensions by £4,000,000. The total debt is £162,000,000, which is, in fact, the sum paid far the liberation of Italy. The difference between revenue and expenditure is still, however, in excess of £12,000,000, which has to be provided either by loans, or by extraordinary resources which must one day come to an end. The onlyhope for Italian finance is in a restora- tion of her credit, which would enable her to borrow at 5 per cent., and thus reduce the charge for her debt by eight millions ; and that restoration can only be secured by still greater sacrifices, which the people at present are unwilling to make.
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