§ The unfunded debt, if we no longer include, as I think we ought not, the £10,000,000 of Exchequer bonds, still amounts to £55,750,000, and this is tome a source of the greatest disquietude from two points of view. In the first place, it must be obvious to everybody that it would seriously hamper our borrowing powers if a sudden emergency arose for which temporary provision had to be made by way of loan. And, secondly—;and this is a consideration which, I think, is not sufficiently borne in mind by the public at large—;it means that the Government is competing for and locking up funds that might otherwise be available for commercial and industrial purposes. The speedy contraction in this floating debt is, in my opinion, a matter of urgent necessity, even if it calls for some self-denial on the part of the taxpayer. Let me see in what resources I can count for the repayment of Debt in 1906–7? Here, again, I have to explain a very technical matter.