§ Considered in Committee.
§ [The CHAIRMAN of WATS and MEANS, Mr. J. W. LOWTHER, in the Chair.]
§ * THE CHANCELLOR OF THE EXCHEQUER (Sir MICHAEL HICKS BEACH, Bristol, W.), who on rising to make his annual financial statement was received with general cheers, said: When 12 months ago it was my duty to call the attention of the Committee to the financial condition of the country, I had to place before it the record of a very prosperous year. The credit of the country had never stood so high. The revenue had never been so large; the expenditure was immense; and we had never specifically devoted so much to the reduction of the National Debt.