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The National Debt, Mr. Chamberlain said, had risen from £645,000,000

at the outbreak of war to £7,435,000,000 on March 31st last—or £545,000,000 less than Mr. Boner Law anticipated a year ago. Of this vast total we owed £1,350,000,000 to foreign creditors. On the other hand, our Allies owed us £1,568,000,000-068,000,000 of which is on Russian aczount- while the Dominions owed us £171,000,000. There were assets in the shape of surplus war stores, and there was the prospect of an indemnity, but the burden of Debt was very formidable.

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