S. Sella brought forward the Italian Budget on the 12th
inst.,. and it is rather more favourable than usual. The deficit of the• year is still £6,000,000, and M. Sella believes that it will be nearly as much for the next five years. It will, however, be met by mort- gages ou ecclesiastical property and other devices, without new loans and the natural increase of revenue, of commerce, and of the general wealth is very great. All the taxes yield more, and the "total move- ment of commerce" has increased two-fifths. The rise in the value• of Italian securities, too, is very considerable, although Italy is still paying eight per cent. for money, or more than France with all her war liabilities,. The budget seems to have been received with approval, although it includes additional expenditure on the A rtny, which the King is determined to bring into thorough order.
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