The Indian Chancellor of the Exchequer, Sir David Barbour, produced
his Budget on Wednesday. It shows a deficit of Rx.2,028,000 for the year 1887-88, and of Rx.202,000 for 1888-89, but anticipates a surplus of Rx.160,000 for 1889-90. This is not very satisfactory, but Sir David explains that the deficits of the two years are entirely due to defence works, loss by exchange, and the expenses of the pacification of Burmah, which latter are rapidly diminishing. His estimates for the year are most " moderate," and the Minister believes that " unless some unforeseen disaster occurs, there is every reason to believe that the lapse of two or three years will show a decided improvement in the financial position of the Govern- ment." It must be remembered that India, in spite of in- cessant wars, of the Mutiny, and of two great famines, still owes a Debt of less than two years' income, while the Debt of Great Britain may be taken at at least nine years. Sir David Barbour is, however, very pessimist on the question of silver, hoping for a solution only from an international agree- ment which will certainly not be obtained. He even thinks it possible that the action of the United States or of the Continental Powers " may at any moment produce a crisis." No doubt; and if an engineer shuts down the safety-valve, he can produce a " crisis " in his steamer. Only, as he is him- self on board, he is not likely, while he retains his sanity, to do it.
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