Sir Stafford Northcote presented the Indian Budget on Monday, in
the dreary, unimaginative way in which Secretaries for India always do present Indian Budgets. They never seem to feel their own figures, amazing as those figures usually are ; never seem to see that the Indian Exchequer, of which we hear so little, is the fifth in the world in point of importance and the first in point of prosperity. Imagine what Frenchmen would find to. say about a colonial administration which, with an army of 300,000 men and a distant war going on, raises a revenue of 48,258,0001., and ex- pends only 45,958,000/. on all business not of a. reproductive character. That, as Sir Stafford Northcote admitted, is the true position of Indian finance for the year which ended on 31st March, the apparent expenditure, 49,364,0001., being swelled by outlays in the public works department which are really permanent in- vestments likely to yield an increase. Sir Stafford expects nearly the same state of things for next year, namely, a revenue of forty- nine millions, an administrative expenditure of forty-six millions, and a total expenditure, investments included, of fifty millions. Nothing could be more satisfactory,—unless, indeed, the Secretary of State could show that he was doing something towards reducing the debt. It is not much,—little more than two years' income, or say, 108,000,009/. in all,—but it is swelled by guarantees never to expire, and we should greatly like to see some effort at its reduction. Could not that 630,000/. a year which will fall in in 1874 be devoted by Parliament to a sinking fund ? The Indian Government could not touch it then, and it has been respected by the Government for more than fifty years.
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