The Indian Budget has been presented to the Legislative Council,
and is far from a pleasant one. Taking the figures from the Viceroy's telegram, which differs entirely from the Times' telegram, we find that there was in 1891.92 a surplus of Rx. 467,000. This sank in 1892-93 to a deficit of Rx. 1,081,000, and in 1893-94 there will be a deficit of Rx. 1,595,000, the total revenue being Rx. 90,000,000, and the expenditure Rx. 91,600,000, with a chance of increase, as silver is still falling, and a lower rate of exchange may still further increase the deficit. A loan of Rx. 3,000,000 is therefore to be raised in India, besides a loan of £1,700,000 in gold at home. All this is very bad ; and it is clear the Government think it will become worse, an opinion in which, if the price of silver is to be the standard, we fully agree. The Government seem, however, to have no plan in view, or are coerced by English orders, and wait, in a rather dreary way, for Lord Hersche11's Commission, which will decide nothing. It will be necessary, we fancy, before long .to repeat the device of 1858, and send a financial Plenipotentiary to Simla. If the Government look about, they may find a man as competent as Mr. James Wilson, though they will hardly secure in another man such a union of profound knowledge, determined will, and pliability before stubborn facts. 'Whoever goes ought to understand fully the Russian paper-rouble system. Paper in St. Petersburg has just risen above silver, and the coinage of the latter on private account has therefore (Renter) been stopped by decree.
