Tun DEBT SERVICE.
Only last week I showed that until we have secured this economy in the national expenditure we Cannot hope. to 'achieve any material reduction in the annual serviee On the National Debt, for the simple reason that the National Credit as expressed in actual prices of British Funds will not permit conversion schemes on terms really. favourable to the Government. In the case of the opera; tion carried through this week, it is quite true that there' has been a keen response on the part of-the Money Market, but that has been due largely to a desire to fill up the supply of very short-dated securities which becaMe; depleted through the maturities in the early part of nisi year and those falling due on 'the 1st proxiirip.:In tta.0-: actual terms, however; On which the 'Bonds -have been! placed the saving to :the Exchequer must be practically nil, although the totals which have been dealt with are so large that if it had been possible' to convert on terrna More favourable to the Government the annual . saving- on the debt service would have been quite Substantial. '
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