7 JANUARY 1922, Page 11

The expenditure for the first three quarters was £739,990,604, or

£102,699,115 less than in the first three quarters of 1920-21. For the period there was thus a deficit of £63,159,286, as com- pared with a surplus of £46,114,009 in the corresponding period of last year. The floating debt has been reduced by £148,241,000, through sales of Treasury Bonds, and now stands at £1,259,840,000. The total debt is the same as before, though a slightly larger proportion of it is now held by home investors. The figures emphasize the urgent need for real economy in administration which has somehow to be attained during the coming years.