§ I come now, Sir, to the Debt figures for 1906–7—;the fixed annual charge for Debt. I estimate that, after interest and management have been paid, there will be a balance on the fixed charge amounting to £9,000,000 available for the reduction of the capital of debt. Of this, £3,650,000 will represent the capital included in the instalments payable on the remaining terminable annuities; £1,000,000, in accordance with the arrangement last year, will go to the drawing and cancellation of Exchequer bonds, and the balance of £4,350,000 will go to the new Sinking Fund. But this happily does not exhaust the matter. I explained at the beginning that the realised surplus of last year, amounting to £3,466,000, which constitutes the old Sinking Fund of 1905–6, must by law be 296 devoted to the repayment of Debt. Therefore, in round figures, the total provision for 1906–7 is £12,500,000. But I cannot leave out of sight the fact that you have to borrow for the present year for capital liabilities a sum estimated at £6,500,000, against which has been set off the provision made in the Votes for the repayment of similar liabilities of £1,900,000, and you are still left with an increase of Debt under this head of £4,600,000. In my opinion, if we are to do our duty in the matter, we must not be content with this.