§ Now I turn to below the line. Below the line receipts, at £326 million. were £3 million more than the estimate. Payments amounted in total to £885 million, £38 million less than the estimate. Advances to the National Coal Board exceeded the estimate by £12 million, those to the British Transport Commission for railway deficits by £33 million, while those to other nationalised industries fell short of the estimate by £18 million. We have debated the finances of these industries at some length in recent months and I will not comment further on them now.
§ Advances for export credit guarantees also exceeded the estimate by £18 million, mainly as a result of increased assistance to the Commonwealth by means of loans made under the Export Credits Guarantee Act. There was a saving from the fact that Exchequer loans to local authorities were about £65 million less than had been expected. As a result, the Local Loans Fund made no call upon the Exchequer during the year; as the total of borrowing by local authorities has not fallen, this was a further welcome sign that they are relying to an increasing extent on market resources.