The Indian Budget was published on Thursday. The finally closed
accounts fcr 1875-76 show a revenue of £52,515,789, and an expenditure of £55,117,536, thus leaving a deficit of £2,601,747. The nearly-closed accounts for 1876-77 show a revenue of £51,206,700, and an expenditure of 157,285,000, thus leaving a deficit. of /6,078,300. The estimate for 1877-78 shows It revenue of 152,192,700, and an expenditure of 156442,00,
leaving a deficit of £4,249,700. The total deficits of 1875-78 amount therefore to nearly £13,000,000, the whole of which is due to public works, which may or may not be remunerative. Sir John Strachey admits that part of them are unremunerative,- and proposes to place that part, in- cluding famine expenditure, in the account of ordinary ex- penditure for the future. He does not, however, propose new taxation, and acknowledges that he must borrow £6,500,000 more. The total result, therefore, is that the estate is solvent, but in- creases its mortgages by five per cent. every year, in order to make "improvements." That is finance according to the Khedive, not according to Mr. Gladstone.
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