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The Indian budget for 1861-62 came on on Friday. Instead

of surplus of 200,0001., there is a deficit of a million sterling. There are, moreover, 8,000,000/. to be raised for the Indian railways. The companies will provide three millions, and Sir Charles Wood asked' and received power to raise the remainder by loan. For the rest, the Indian Secretary hoped India would this year display a financial/ equilibrium, and was certain that she would send a million bales of cotton, or rather more than one-third the total supply needed. The average from everywhere is 2,600,000 bales, and if India, under the pressure of prices, will send 30 per cent. more, the mills will be secure against anything worse than half-time. Next year the Great Cotton Railway will be finished,

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