§ Before I leave the past year, the Committee will expect me as usual to make a short statement about the National Debt. In April last I repaid, at the earliest date that was possible, £105,000,000 of 4 per cent. Treasury Bonds, and also £11,000,000 3 per cent. Bonds, which had been drawn for redemption in the previous December. To provide for these maturities, and also to give a small margin for the reduction of floating Debt, I raised in April £150,000,000 by the issue of a 3 per cent. Funding Loan. Last December I took advantage of the continued cheapness of money to give notice to draw for repayment one half, that is, £44,000,000 of the remaining 3 per cent. Treasury Bonds. Since then £34,000,000 of those Bonds have already been purchased and redeemed out of Sinking Fund money, so that the redemption of the remainder, which takes place to-day, will be carried out without any disturbance of the market. I must once again make grateful acknowledgement of the repayment last summer by the Government of the Union of South Africa of the balance of their War Debt amounting to £7,500,000, which has, of course, been applied to the redemption of Debt. The net effect of all these transactions, together with the operation of the Statutory Sinking Fund, has been the reduction in the nominal amount of the National Debt by £21,750,000 during the year, and also of the annual interest charge by £1,650,000 a year. Last year I mentioned to the Committee that the Exchange Equalisation Account then showed a profit. This year I may repeat that observation with somewhat greater emphasis, and I should like also to express my gratitude to the Committee for their forbearance in not asking me for details of the working of the account.