31 MARCH 1866, Page 2

A telegram was received in London on Friday, announcing that

Mr. Massey had produced the Indian budget on 26th inst, The estimated deficit for the " present financial. year " is 72,0001. only, which is met.by raising the tax on Madras salt, which is_ exceptionally low, to 27 annas, or 3s. lid. per manna of 80 lbs, The revenue is said to be prosperous, and the cash, balance, twelve millions, of which two 'Willow will be employed on public works. The statement ie very inconsistent with previous aecounts, and is not very clear in itself: It is, probable either that the deficit of 72,0001. is the one expected on the year ending 31st March, 1867, or that it is the deficit of the year after a million sterling or so has been transferred to the local governments, to, meet by local taxation. The cash balances, too, seem dangerously low, barely, three months' expenditure, and we suspect Exchequ.er bills, secured- on, these balances, are to be sold for the amount required. The telegram ought to have been more detailed,