§ We have paid in respect of the indebtedness of this country, since the present Government came into power, £104,000,000. That includes the amount which is now in the hands of the National Debt Commissioners for that purpose. By next year, unless there is a substantial reduction in the Sinking Fund, and taking Consols even at a higher price than they are now we shall have wiped out indebtedness to the extent of £114,000,000. That is quite without precedent in the history of any administration. The highest payment up to the date of the present administration—I am excluding telegraphs, telephones, and 93 reproducing enterprises of that description—was made by Mr. Goschen, who paid on the average £6,426,000 a year. Sir William Harcourt came next with £6,391,000; Mr. Gladstone and Mr. Childers in the eighties with £5,692,000; and Mr. Lowe with £5,531,000. This year, if there is no reduction in the amount, £9,200,000 will be set aside for the reduction of Dead Weight debt. That does not include the indebtedness in respect of the money borrowed for the Army and Navy. We are not justified in imposing fresh taxation to keep up this unprecedented rate of liquidating our debts, and we propose that this year £1,000,000 should be taken oft' the Sinking Fund, and next year a more substantial sum in order to make up the deficiency. I need hardly say to the Committee that this is not a year when you could contemplate, I am sorry to say, the reduction of taxation, but may I point out that when the present Government came into office the taxation of this country was divided equally between direct and indirect taxation. There has been a gradual and steady reduction in the percentage of the indirect taxation. [HON. MEMBERS: "Speak to the Chair."]
§ The CHAIRMANI hope hon. Members will allow the right hon. Gentleman to speak without interruption.
§ Mr. GEORGE TERRELLIf a Minister does not address the Chair, we cannot hear him.
§ The CHAIRMANIf hon. Members will keep silent, they will be able to hear in all parts of the House.
§ Mr. LLOYD GEORGEThere has been a steady decrease in the percentage of indirect taxation and an increase in the percentage of direct taxation, until, at the present moment, instead of their being equally divided, under the present taxes the percentage of direct taxation will be over 60 per cent., and the percentage of indirect taxation will be under 40 per cent. That is a very great change in the proportions of direct and indirect taxation. I thank the Committee for having listened to me with so much patience and indulgence. I claim that in the proposals we have put before the Committee we are honourably fulfilling pledges which have been repeatedly given by the Prime Minister and by others, and I claim more, that we are taking a decisive step forward along the road which leads to greater happiness and efficiency for the people of this 94 country and to greater and more enduring strength and honour for our native land.