66. Sir J. WALTON
asked the Chancellor of the Exchequer whether he will adjust the Budget accounts by the removal of the £200,000,000 received for the sale of war material from being treated as revenue for the year 1919–20, and deal with this item as a repayment of capital in reduction of previous years' expenditure; and whether, in fact, the deficit of the year to be raised by borrowing is £433,000,000 instead of £233,000,000 as stated on Budget day?
No, Sir. So long as it is necessary to meet expenditure by borrowing, I see no advantage in this proposal.
Sir J. WALTON
Is it not a fact that the £200,000,000 to be derived from further sales of war materials is not revenue for the year 1919–20 in the proper sense of the word, but is revenue arising from the expenditure of previous years?