§ When I have given effect to these various concessions, I am left with an estimated surplus of£38,300,000. The Committee will remember I have not found anything for the redemption of debt out of the Revenue for the year. What are our obligations, statutory and contractual, in respect of debt redemption? There is, first of all, what is known as the New Sinking Fund which was set up by Sir Stafford Northcote in the year 1875, and which is in the nature of a general Sinking Fund not attached to any particular Government security. It amounted in 1921–22 to about£9,000,000 In the second place, there is the Depreciation Fund for Four and Five Per Cent. War Loan, and the amounts required for securities tendered for Death Duties and Excess Profits Duty. The sums required for these purposes we must provide to keep faith with the holders of the securities. Owing to the high price to which Government securities have risen, and in consequence of the small amount of securities tendered to us in payment of Death Duties and Excess Profits Duty, the sum needed for this purpose is not likely to be very large in 1922–23, and not more than between£10,000,000 and£15,000,000. In the third place, there are the specific sinking funds attached to the Victory Bonds, Funding Loan, and 3½ per cent. Conversion Loan amounting for 1039 1922–3 to about£10,000,000. These sinking funds are again part of a binding contract with the holders under the prospectuses of the various issues—and the liability must, of course, be honoured. To meet these various obligations out of the Revenue for the year would be to reduce the dead weight burden of our debt by a figure of between£30,000,000 to£35,000,000, and would carry off practically all the surplus to which I have referred.