ns more 3 per cent,
Deferred, 5,944,584
Ditto, 4,444,040 Calculated at 100 reals
Passive, 10,542,582 per L. sterling.
-----------
20,931,206
-----------
Grand total, exclusive of
capitalization L.141,669,676

The latest account of Spanish finance, that for 1842 before referred to,
exhibits an almost equally hopeless prospect of annual deficit, as
between revenue and expenditure; 1st, the actual receipts of revenue
being stated at

879,193,475 reals
The expenditure, 1,541,639,879
-------------
Deficit, 662,446,404

That is, with a revenue sterling of L.8,791,934
A deficiency besides uncovered, of 6,624,464

Assuming the amount of the contraband traffic in Spain at six millions
sterling per annum, instead of the ten millions estimated, we think most
erroneously, by Senor Marliani, the result of an average duty on the
amount of 25 per cent, would produce to the treasury L.1,500,000 per
annum; and more in proportion as the traffic, when legitimated, should
naturally extend, as the trade would be sure to extend, between two
countries like Great Britain and Spain, alone capable of exchanging
millions with each other for every million now operated. The L.1,500,000
thus gained would almost suffice to meet the annual interest on the
L.34,000,000 loan conversion of 1834, still singularly classed in stock
exchange parlance as "active stock." As for the remaining mass of
domestic and foreign debt, there can be no hope for its gradual
extinction but by the sale of national domains, in payment for which the
titles of debt of all classes may be, as some now are, receivable in
payment. As upwards of two thousand millions of reals of debt are said
to be thus already extinguished, and the national domains yet remaining
for disposal are valued at nearly the same sum, say L.20,000,000, it is
clear that the final extinction of the debt is a hopeless prospect,
although a very large reduction might be accomplished by that enhanced
value of these domains which can only flow from increase of population
and the rapid progression of industrial prosperity.

All Spain, excepting the confining provinces in the side of France, and
especially the provinces where are the great commercial ports, such as