§ MR. McCRAEI beg to ask Mr. Chancellor of the Exchequer if he can state the estimated net reduction in the aggregate liabilities of the State for the 1130 present financial year, after provision is made for naval and military loan expenditure.
§ THE CHANCELLOR OF THE EXCHEQUER (Mr. AUSTEN CHAMBERLAIN, Worcestershire, E.)I beg to refer the hon. Member to the Answer which I gave to a Question of the senior Member for Dundee on the 22nd of May†, showing that the net diminution in the aggregate capital liabilities this year is estimated at rather more than £3,000,000. The hon. Member will, of course, understand that the additional liabilities to be created have special sinking funds providing for redemption in a very limited term of years, and are therefore of a very different character from the more permanent liabilities which are being paid off by the operation of the ordinary Sinking Funds.
§ MR. McCRAEDo these figures take into account the expenditure under the Naval Works Bill this year?
§ MR. AUSTEN CHAMBERLAINYes, Sir. I put the total expenditure out of capital at £9,000,000, towards which we had £850,000 over-borrowed last year. I have no reason to alter those figures.