S. Sella, the Italian Minister of Finance, produced his budget
on March 10. The budget for 1870 shows a deficiency of £6,440,000, to which must be added £320,000 for "unforeseen expenses," making £6,760,000 as the deficiency of the year. From this we must deduct £2,360,000 which belongs to the Sinking Fund, but may be used by the State, and the real deficiency is £4,400,000, not a very enormous sum, as the revenue does in- crease. This amount, however, S. Sella proposes to sweep away by reduction to the amount of £1,000,000, an increase of receipt from the grist tax of £400,000, and an increase of taxes to the extent of £3,000,000. That is all well, but what are the taxes to be increased? If skins were taxed, Italians would flay them- selves. Why does not S. Sella put the crushing income-tax, which everybody evades, on a sound footing.
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