The Indian Budget was published in Calcutta on March 31,
and is very bad. The revenue for 1874-75 was /50,570,177, and the expenditure 150,251,047, but 14,249,566 extra was spent for public works. The revenue in 1875-76 was /50,991,000, and the ex- penditure 149,744,000, but 14,143,000 extra was spent for public works. The estimate .for 1876-77 is a revenue of 150,480,000, and an expenditure of £50,336,000, but /3,759,000 extra will be spent on public works. To meet part of this, a loan of 12,640,000 will be raised in England. There is no proof that these " r'nblic Works" are remunerative, and the plain meaning of the state- ment is that India has an annual deficit of /4,000,000, made pleasant by the expenditure being called "extraordinary," though it occurs every year, and will never be stopped, except by inability to borrow, and by talk about progressive civilisation. The loss by exchange alone for the coming year is estimated by Sir W. Muir at £2,300,000, or nearly the whole of the loan.