The financial news from India is not good. The Budget
pro- duced in Calcutta on March 13th shows that the deficit of 1877-78 was 23,543,000, in addition to 24,790,000 spent on, public works. In 1878-79, there was a surplus of 2400,000, ex- elusive of £4,599,000 for public works ; but for 1879-80, there will be a deficit of 21,395,000, besides 23,500,000 raised for public works. The additions to the Debt were, in 1877-78, £7,345,000 ; in 1878-79, £4,498,000; and in 1878-79, 23,326,000. Moreover, a new loan is to be opened of 25,000,000, at 41 per cent., in. India itself, partly to meet the freak losses by exchange, "which have already more than swept away the whole of the famine taxation." We give the account as Reuter gives it, without answering for details; but the total seems to prove that the Government is overspending itself by 25,000,000 a year, some fraction of which may be reproductive. It is not probable that with exchange fluctuating as it does, Lord Lytton can borrow five millions at 4i per cent., payable in silver.
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