§ The Paper in the hands of hon. Members gives details of the results of the past financial year. I shall comment only on the main points. The expenditure of the year was estimated in my last Budget statement at £1,434,910,000. The Exchequer issues were £7,000,000 less than the total voted by Parliament, but they exceeded the Budget Estimate by £230,862,928, and my October Estimate by £23,500,000. This expenditure includes a sum of £87,000,000 on account of expenditure actually incurred and voted by Parliament in the previous year, but not brought to account until the year just closed. Excluding that charge, the expenditure in 1919–20 was approximately £144,000,000 in excess of my Budget Esti- 70 mate, but £63,000,000 below the Estimate which I presented to the House in October.