The Indian financial statement for 1867-68, and budget for 1868-69
have been received, and were explained by Sir Stafford Northcote on Friday week. As usual, the Indian financiers are all wrong. Mr. Massey anticipated a deficit for this year of nearly 1,000,0001., but has a surplus of 800,0001. For the next year a surplus of 230,0001. is expected, and we may therefore anticipate with some confidence a deficit of at least a million and a half. As at present advised, Mr. Massey will not propose any loan or any new taxation, but it must not be forgotten that by May or June he ought, according to precedent, to discover that somebody not known has, in some department not named, made, in the most blameless manner, a mistake of a million in his calculations. There is no particular harm in these blunders, India having really a .surplus of about 5,000,0001., spent chiefly in works which could be .suspended if necessary ; but it would perhaps be convenient, if the -officers of the Indian Treasuries understood addition and rule-of- three.
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