28 JANUARY 1865, Page 2

The Russian Government has published what it calls a budget.

A decent English accountant would call it an estimate of the certain expenditure and possible receipts of Russia for 1885, but in St. Petersburg people take what is given them and are thankful. Taking the rouble at three shillings, the revenue of the empire is expected to be 52,500,0001., and the expenditure 55,840,000/., leaving a deficit of 3,300,0001. As the Russian Government is raising money, wishes to look as solvent as possible, and has no Parliament to check its accounts, this statement must be accepted as very bad indeed. Fortunately for itself it has hardly begun to tax its people, and it has always paid its foreign creditors theist interest to the day.