NEWS OF THE WEEK
ON Thursday, Sir Stafford Northcote made his second state- ment for this year as to the probable coat of the Zulu war. He reckoned that since the beginning of the financial year, it would
have cost us half a million a month up to the end of July for military expenses alone, another half-million in all for naval expenses, and half a million more to finish up, after July came to an end. Thus he now reckons at £3,000,000 the expenditure
'which on the Budget night he reckoned as likely to be fully 'covered by £1,900,000. In consequence of this extra demand, and -of another insignificant supplementary estimate, Sir Stafford Northcote now expects a deficit of £1,168,000 on the year,even if the revenue, as he hopes, comes up to his estimates ; and he will ask power on Mondmy to issue Exchequer bonds, to the amount of £1,200,000 to meet this deficiency. But he antici- pates no permanent deficiency from this cause. He hopes that our South-African colonies will repay us the sum by which he is deficient, as their contribution to the Imperial expenditure on the war. On matters of this kind, the Chancellor of the Exchequer is certainly an optimist.
