§ There remains a further inroad upon the balances of a little over £2,500,000. Towards making good that sum I propose to realise an asset, at present not utilised, to the extent of £1,000,000. I do not know whether the Committee are aware that all Government stock which has remained unclaimed for ten years is transferred to the National Debt Commissioners. The dividends which have accrued upon that stock arc transferred at the same time, and, together with the dividends subsequently accruing, they form an account which is known as the Unclaimed Dividend Account. It is with that account alone I propose to deal. I do not intend to touch the unclaimed stock, but only the dividends which have accrued upon it. The liability on the Unclaimed Dividend Account is a liability for the dividends actually paid—that is to say, for simple interest on the unclaimed stock. The fund itself accumulates at compound interest, and therefore, quite apart from the fact that it is absolutely certain that a large portion of this money never will be reclaimed, the fund itself is always making a profit, and its assets are always tending to grow in excess of its liabilities. So large had this profit become in 1866 that in that year stock to the amount of £3,000,000, out of a total sum standing at the credit 553 of the fund of £3,087,375, was cancelled. The assets now again exceed the liabilities. They amounted in round figures at the close of last financial year to £1,760,000, whilst the claims which are annually stablished against the account have averaged no more than £4,000 or £5,000. It is clear, therefore, that it is perfectly safe once more to have recourse to this fund now, as was done by Mr. Gladstone in 1866; but instead of cancelling the stock I propose to realise it, as opportunity offers, to the extent of £1,000,000, and to credit the proceeds to the balance. The only difference is that, instead of writing off a liability, I shall add to our available assets. Assuming the Committee to agree, as I hope they will, to this proposal, there will remain in round figures £1,500,000 of last year's deficit still to be made good out of the surplus of this or succeeding years. What I propose to do in that respect the Committee will see when I come to my proposals for balancing the account of 1904–5.