Sir Michael Hicks-Beach cannot be enjoying the prospect of his
Budget. The revenue from Customs, Excise, and Stamps continues to fall; and, unless a great improvement occurs in the last quarter of the financial year, will be more than a million short. There was a deficit last year, which was only .postponed; money to a considerable amount must have been spent in reinforcing and supplying the active Army in Egypt; ten thousand men at least are to be added to the Army, besides a large addition for India ; and we never knew "reforms" in the Navy 'which did not cost large sums. We fear Sir -Michael will regret, before all is done, that Lord Randolph Churchill was so exceedingly acrid about "bloated Budgets." He can, to be sure, say that economy is the business of Liberals, and "judicious expenditure to repair Liberal shorteomings "the duty of Tories ; but then he will not say it. So far as we see just at present, both parties spend, and both are exceedingly anxious to prove that they cannot help it. If the revenue con- tinues to decline as it does, they will have to help it, or to encounter one of those movements for retrenchment which the Ten-pounders cared so much for, and to which the Householders have been so indifferent.
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