Tas memorandum, giving the Heads of the Indian Budget with brief explauatory notes, which we publi to-day, shows on the whole a sul factory condition of offal Tf the fail in the value of the rupee and the course of events in Burma Lave produced an extra Expenditure, the Revenue has at the same time exceeded the est of it which were formed net result of revising the estimates of 1886.87 is given as a surplus of £500, bare enough margin on a total re. ture of 152 millions his Budget statement: the growth of expenditure in the estimates of 1886-7 and 1887.8 8 in part from war charges and in part from a farther fall in exchange; and the Governme rising from these causes by the imposition of farther burdens, The Gov. ernment will await the result of the deliberations of the Royal Commission on Curronoy. Hxoepting silver, Sir Auckland Calvin says, farther on, among the: elementa of calculation which he hina eutimerated, there are as many olements favourable to increase of revenue as to growth of expenditure. A farther help to the revenue should, he expects, come from the conversion of over 53 millions of India 4 per cout, sterling stook which are redeomable nest yours The effect of the fall in the value of silver and of exchange is fally explained in the Budget, and with less of the belated despondency: which characterized the last. year's statement, It would seem as if som body bad been louking into the trae state of affairs in the meantime, and had found- that the ea-gulled Loss by Exchange was not' altogether loss to the Government, or that the appoints ment of the Royal Commission has been a relief to the mil of In officials, and they now wait hopeful of something turning up. We think the following extract is the first instance of the Indian Government admitting that any good whatever has come to it from cheaper money. Sir Auckland Calvin says, " We know, as a fact, that the gold prices of commodities have fallen more than exchange has fallen, ai now obtain English stores for fewer rube than it used to pay when the rate of for the temporary, that bankera and merobante: were trusting too much to Council drafts as a menus of laying down fande, ud that thereby some stringency was produced in the money markets, It does not seem impossible that silver may become scarce concurrently with a low rate of exchange, The amount of Council drafts is so large that, coming with an active import market, all the needs of bankers may. be supplied and still silver mey become decreases 1 the earnings of raile wave due to " falling-off i be the grain traffic, and in one instance to areduotion in the freightage of maree tials for frontier railways, One of the inorensee—on the Lirhoot line=is partly the result of the redaction of third class fares, the benefit of whioh la being gradually appreciated, The dealings with the Famine I fand are explained at oon length, the chief points that wi Government bei cause which has produced the full exchange has also produced the full gold prices, we may balance the gai from low gold prices against. the loss xobange, and omit from our on the question of loss by ex-the nse of stores.
Appears by " statement gi Budget that the cost of those stores ie nearly twelve hundred thousand poaude, and thie, with farther disbursements hich exchange does not affect, reduces the expenditare on which lose is th by incurred to £12,697,600. Of over 5 millions is on Railway Revenue Account, leaving £7,442,680 ow which loss by exchange may be directly onlonlated, It is in fact the only part of the so-called loss by exchange which the Government absolutely loses, for of course @ part or the whole, or it may be more than appears to be lost on Railway Revenue account, may be reooed by the increased earnings of the es caused by the increased movement of produce which the low price of brings about, The present condition of the Eastern exchange markets makes the following tables of the Not Imports, 4,93,08.715 5,48,25,051 365 1,35,84,360 76,29, 347
Text read from the printed page and cleaned; old type leaves the occasional error.