The Italian Parliament was dissolved on the 10th inst. by
decree, and the Ministry have published, in the shape of a " Report " to the King, a long explanation of their policy. They declare that Italy has need of peace, and has assured it by her alliances, and of extensive fiscal reform. They have already reduced the military budget from £16,200,000, at which it stood in 1888.89, to £10,400,000, and propose still further reductions ; but in 1892.93 there will be a deficit of £1,480,000, and in 1893-94 of £2,000,000. They hope, however, by reducing expenditure on public works and other economies, to produce an equilibrium which may be turned into a surplus by making a State monopoly of petroleum. They will then reduce some taxes which press heavily on the poor, and simplify and cheapen public administration. It is doubtful if their reforms are nearly radical enough, and the one last mentioned may prove to be their rock ahead. As we have explained elsewhere, the Italians desire a thorough reform of their fiscal system without great reduction of the Army, without reduction of the Civil Establishinents, without fresh taxes, and without honest rigidity in the levying of old ones. Of coarse they cannot have it, and must wait till deeper embarrassment has braced their nerves and their principles to a little higher tone.
