§ Mr. T. JOHNSTONasked the Chancellor of the Exchequer if he is aware that the Disposal Board has realised over £650,000,000 through the sale of war stores; that the national war debts were 1332W partially incurred by the capital expenditure involved in the manufacture of these war stores; and how much of this £650,000,000 has been applied in reduction of the capital of the war debts?
§ Major BOYD - CARPENTERThe amount of cash from Revenue applied to reduce debt from 1st April, 1919, up to 31st March, 1923, was £448,753,000 while the Exchequer receipts from Special Miscellaneous Revenue during the same period were £774,543,000. The hon. Member will remember that during the first year after the Armistice it was necessary to borrow -to the extent of £349,604,000 to meet the excess of expenditure over receipts, even after using the special receipts of that year amounting to £265 millions as revenue.