The financial year 1862 closed with a deficit of more thai 16,000,000, which increased in 1866 to 28,840,000 on account 0 the preparations for the war against Austria.
Excepting the in creases of deficit in 1868 and 1870, the annual deficits tended thence forward to decrease, until in 1875 equilibrium between expendituri and revenue was attained, and was maintained until 1881.
The financial situation continued to be em iously embarrassing; deficit was piled on deficit, loan upon res fn, and the service of the debt rose from 9o,ooo,ooo lire in th 60 to 2?O,000,000 in 1864.
With Finance taxation screwed up to breaking point on personal and real estate, on all forms of commercial and industrial activity, and on salt, flour and other necessaries of life; with a deficit of 8,500,000 for the current year, and the prospect of a further aggregate deficit of Li ~,ooo,ooo during the next quinquennium, Sellas heroic struggle against national bankruptcy was still far from a successful termination.
He chiefly had borne the brunt and won the laurels of the unprecedented fight against deficit in which Italy had been involved since 1862.