SAVINGS IN DEBT SERVICE.
• The figures on the Expenditure side of the Balance Sheet arc also encouraging so far. The Chancellor estimated for a saving of about £13,500,000 on the interest on the National Debt, but as a consequence of the spell of extraordinarily cheap money, with its effect upon Treasury Bill sales, nearly the whole of this saving has already been achieved. On the other hand, Supply Expenditure, which had been expected to show a total increase for the year of about £8,000,000, has already risen by £9,000,000, and it is at that point that we begin to see that satisfactory Revenue figures, even when supported by reduced expenditure owing to lower Debt charges; do not necessarily find their full reflection the general financial and economic position of the country. In other words, the increase in Supply Expenditure is probably connected with the fact that unemployment, instead of decreasing, as had been hoped, has shown an actual increase when compared with a year ago. Until this great problem of unemployment is nearer solution it is impossible to take other than a serious view of the position. Nevertheless, and for the reasons about to be mentioned, I think that there is definite encouragement to be obtained from the position of the National Balance Sheer.
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