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The Daily Chronicle, which seems to have been the mouth-

piece of Mr. Lloyd George lately, places the excess at "nearly R5,000,000," and states the causes of it as follows :—

" (1) Speeding-up Of construction, which had been retarded in the two preceding years owing to exceptional activity in the ship- yards. By this means the arrears of 1312-13 and 1913-14 have been overtaken. (2) Acceleration last autumn of the three battle- ships of this Year's programme—an acceleratioa justified by the delay in regard to the canadian ships. (3) Increase in prices and extensive repairs. (4) Provision for the aviation branch and for oil storage; and increase in fixed charges. (5) The demonstration in the Mediterranean."

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