we're having a language barrier here. You basically just said the same thing I did, from the opposite perspective.
I'm saying the speedo reads higher than actual with a smaller tire
You're saying the actual speed is "slower than indicated" with a smaller tire.
http://www.miata.net/garage/tirecalc.html
Stock is 215/45/R17.
This is 4.8% smaller than the stock tire being calculated by the speedo (I misspoke earlier about the difference) gives me a 57.1mph real speed when my speedo reads 60 (assuming that both the origional and in use tire sizes are calculated perfectly)..