§ Mr. SNOWDEN
I regret that it is impossible, without a very disproportionate expenditure of time and labour, to give figures on this point. As I explained in my Budget statement, the real reduction 1150 of Debt since December, 1919, differs from the figures based on nominal value. Moreover, from the Armistice down to December, 1919, it was still necessary to increase borrowings. On the other hand, it is difficult to define precisely what is meant by surplus War assets, and right down to the current year there has been considerable expenditure on War charges to set against special War receipts.