29 DECEMBER 1866, Page 2

The Italian Budget introduced by S. Scialoja on the 21st

inst. is not very reassuring. The Minister of Finance estimates the total receipts for 1866-67 at 31,616,0961., and the total expendi- ture at 42,074,758/., showing a total deficit of 7,158,6621.—a con- siderable sum, which will, however, be met by a continuance of the exceptional taxes, the proceeds of Church lands, and the relics of the last loan. It is believed that the army will be per- manently reduced to 200,000, and that a million a year can be saved by buying up the pensions inherited from seven Govern- ments; but it remains to be seen if the Cabinet will attack the real evil—the preposterous expenditure in the departments. Italy costs more to govern than Prussia, which is organized like a regiment.