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The Government of India. has forwarded to London an account

of the Budget which was produced at Simla on March 23rd. It is most satisfactory, the returns for 1902-3 showing a surplus of £3,069,549, and those for 1903.4 (partly estimated) a surplus of £2,711,200,—balf of which was due to the improved price of opium. The estimates for 1904-5 show a revenue of £80,148,600, against an expenditure of £79,229,900, although an additional sum of £1,258,400 has been spent upon the Army, £700,000 of it for new rifles and artillery. The continuous increase in the revenues of India until her finances rival in magnitude those of first-class European Powers is one of the most remarkable facts in modern history, and speaks volumes both as to the increasing

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