§ As I have said, the total revenue for 1922–23 was surprisingly near the Estimate. The surplus arises from the best of all possible causes, a reduction in expenditure, which was £97,500,000 within the Budget forecast;:and here I should like to pay a tribute to my predecessor in office, whose persistent efforts during two-thirds of the last financial year have contributed so 1726 largely to such a striking result. Consolidated Fund Services show a saving of nearly £10,000,000, even after providing £21,750,000 for Sinking Fund payments. As the Budget Estimates did not contemplate this latter provision, the real reduction is over £30,000,000, due almost entirely to the reduced volume of Treasury Bills and the cheap rates at which we were able to place them. The remaining saving arose on Exchequer issues for Supply, and amounted to £87,500,000 This is partly due to over-issues in the previous year, which operated to reduce the issues in 1922–23. The chief items of saving are £27,000,000 on the Fighting Services, £55,500,000 on Civil Votes, including £6,000,000 on the general provision of £25,000,000 made last year for Supplementary Estimates. It was made clear in the last Budget speech that during the year reductions in expenditure were hoped for, and I suggest that it is somewhat ungrateful now to complain because the reductions were large, and were made without waiting for this year's Estimates. I, at least, am so far unrepentant that I hope that economies can and will be made on the Estimates during the current year, and I certainly intend to do my best to secure them. In so large a figure, the causes are, of course, very various Among others, I may mention the continued drop in prices and in wages and bonus—a factor which affects all Government expenditure, not only direct, but, for instance, grants which depend primarily on the expenditure of local authorities; reduced supplies owing to the contraction of Government activities —to give but one instance, on the Stationary Office Vote there is a saving of £900,000; and changes of policy, such as the postponement of recruitment for the Militia and reduction in the personnel of the Army and Navy.