The Indian Budget, presented on March 21st, is un- expectedly
reassuring. The heavy charges for the famine in the past year have been discharged out of revenue, there would but for the famine have been a large surplus, and a probable surplus is anticipated for 1900-1901 of £160,000. (Might we suggest that in the synopsis always forwarded by the Viceroy by telegraph the totals should be given as well as surpluses or deficiencies P) The introduction of a gold standard has been effected almost silently, and none of the expected difficulties have occurred. Gold being wanted in India, gold has "rushed" to India as any other article of commerce would, more than six and a half millions being received in eleven months. This gold floats, too, so that the Government expects to have too much of it, and pays it away on demand, keeping only a minimum supply in hand of £5,000,000. The relation of gold to silver has become so stable that the Treasury feels justified in creating fifteen rupees as the permanent equivalent of a sovereign, and presenting its accounts as in England in pounds sterling. It is a curious illustration of the way things are going, that the Indian Chancellor of the Exchequer, Mr. Clinton Dawkins, who has produced these gratifying results, has been induced by a private firm to resign his post. Able financiers are in such request that even Empires cannot afford to give what capitalists will pay for their assistance.
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