§ Below the line, receipts at £261 million were £6 million less than estimated but payments, at £896 million, were up by £42 million. The main increases were in net advances to the National Coal Board, which, at £81 million, were £36 million above the estimate, and in the issues required to meet the deficits of British Railways, which were £16 million above the estimate. The increase in the net advances to the National Coal Board was caused, in the main, by an increase in stocks of small coal. Advances to the other nationalised industries, at £295 million, were £5 million above the estimate, while loans to local authorities, at £92 million, were £8 million lower. The reduction in loans to local authorities reflects the continued success of the policy of encouraging these authorities to borrow in the market wherever possible.