§ The CHANCELLOR of the EXCHEQUER (Mr. Chamberlain)If we now compare the two sides of the account, we find that the Exchequer Issues were £2,579,301,000. The Revenue was £880,021,000, leaving a deficiency to be made good by borrowing of £1,690,280,000 cash, or nearly £440,000,000 less than was anticipated a year ago. I think it will interest hon. Members to know the percentage of expenditure which has been derived from borrowing and from taxation. Of the total expenditure in 1918–19, 34.47 per cent. was provided by Revenue, while 65.53 per cent. was provided by borrowing. If we take the figures for the five years from the 1st April, 1914, to 31st March, 1919, the proportions are 28.49 per cent. from Revenue and 71.51 per cent. by borrowing. That is a record which I believe no other belligerent can equal, and the sacrifices which it indicates place us in a good position to face our future difficulties.
The borrowing to meet the deficiency on the year of £1,690,280,000 has been under the following main heads: National War Bonds £986,000,000, War Savings Certificates £89,000,000, Other Debt £400,000,000, of which £325,000,000 were advanced by the American Government and the rest 179 derived from various other loans abroad. The balance has been provided mainly by the Floating Debt. I should add that these figures are given net and represent the face value, excluding premiums, of the securities issued, except in the case of War Savings Certificates, the figure for which is taken at the cash receipt of 15s. 6d. per certificate.