§ Perhaps it may be convenient if I add to this statement an estimate, which can only be a rough estimate—for the accounts in many cases are not yet completed—of the cost of the wars in which we have been engaged in South Africa and China during the three years ended March 31st last. The total expenditure on these wars has 171 been £165,034,000, made up in this way:—Interest on war debt charged to consolidated fund services £4,967,000; supply grants for South Africa £154,407,000, and for China £5,660,000; making a total of £165,034,000. This has been defrayed by loans to the amount of £119,614,000, and out of revenue, including the revenue set free by the suspension of the sinking fund, to the extent of £45,420,000. I may remind the Committee that, besides the anticipations which we have, and which are coming nearer, of repayment from the wealth of the Transvaal towards the cost of the war in South Africa, we have our share of the Chinese indemnity, which amounts to something like £6,000,000, and which, although not yet realised, has been treated as a very valuable asset by other European Powers, to set against this expenditure. When realised it ought, I think, to be devoted to the reduction of our debt.