'The surplus would be devoted to! redemption of debt, The nominal deadweight debt had decreased from £7,680,000 to 7,646,000 during the financial year, ' It' was most important that the policy of debt repayment should continue.
The floating debt had been re-uncod by £32,500,000 and the external debt by £4,000,000. Savings certificates had produced £32,000, 000 gross, showing a net increase of nearly '£3,000,000. Savings Bank deposits had increased £11,000,000.
Interest on the National Debt had been reduced in five years by over The rate of Government borrowing had fallen from 64 per cent. to von scale, not ai! vulurem, but made-up silk must be taxed ad valorem. 'The basic rate of the stik duty would be 4s. Od. per Ib. of raw sill In the ense of artificial silk, a countervailing duty would be neces. sary on a very large volume of Home production, but' in. calculate jing, from which the taxpayer would realize important savings. The] sinking fund woulll be increased to £50,000,000 capital value.
War pensions liability was now £760,000,000 and an annual charge of £67,000,000 us compared with ment in trade but did not feel jnstified in budgetting for any sub-Churchill "has wisely rejected all }000,000 after the war. stantial expansion of trade. quack remedies advocated forthe relief. of what is still a serious Return to Gold Standard
Text read from the printed page and cleaned; old type leaves the occasional error.