§ Hon. Members will have observed that the surplus in 1923–24 of £36,000,000 on the existing basis of taxation arises mostly on Special Account, where Receipts of £40,000,000 show an excess of £24,500,000 over Expenditure of £15,500,000. On the Ordinary Account there is, in fact, even on the existing basis, only a small margin of about £12,000,000. Here, J must ask the Committee to extend their consideration beyond the year 1923–24. In considering the financial programme, it is essential that we should look to the future and not to the past, and that we should not forget that revenue is still swollen by War causes. The days of special receipts are rapidly closing, and we have to reckon with that. In 1919–20, we got over £264,000,000 from this source; in 1920–21, £288,000,000; in 1921–22, £170,000,000; in 1922-23, £51,000,000, and in the current year, I hope, £40,000,000; but thereafter there will be little. Moreover, next year there will be three, not merely two, bad years in the average for Income Tax. I can hardly anticipate that I shall lose less than £50,000,000 on those two accounts, I sum much in excess of my estimated surplus this year. I intend to press to the full the possibilities of reducing expenditure, but I cannot hide from myself, nor do I think it right to conceal from the Committee, that, apart from the extinction of the remanet of War services, savings are becoming increasingly difficult to make. I can see many directions in which it may be necessary to incur increased expenditure. I cannot see so many in which I can be certain of reduction. Yet, how can I make reductions in taxation—the full effect of which would naturally only be felt next year—unless I can assure my position for the future? Reduction of taxation is very necessary, but will it help us if we have to 1735 reimpose taxation next year? Will it help us if it weakens our Budget position in the future? Some would say, "Make no provision this year for debt redemption." But, if so, and I give away the saving so accruing in aid of the taxes this year, what about next year? Can I again postpone debt redemption, year after year? That way, in my view, lies insolvency.