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In dealing with debt redemption Mr. Snowden took a high

line about Mr. Churchill's formal deficit of /14,500,000. 'He said that this amount must be recovered for its proper purpose and that he would make it impossible for future Chancellors of the Exchequer to follow Mr. Churchill's precedent. Then turning to Mr. Churchill's £20,000,000 for the relief of rating he announced that he would take 116,000,000 of this Suspensory Account for the present year but would replace it afterwards. After estimating his expenditure . and the yields- of old and new taxation he expects a shrplyis-..:*1*.Andget of £2,286,000.

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