After allowing for certain capital receipts, the net sum we had to borrow during the year was £2,750,000,000, or £54,000,000 less than in the previous year. The manner in which that large sum was raised may, I think, be considered satisfactory, and, indeed, it made a somewhat better showing than in the previous year. I am pleased to be able to ask the Committee to note that the proportion if our borrowings represented by sales of National War Bonds and Savings Bonds to non-official holders, that is, the longer-term securities, increased from 31 per cent. to 34 per cent. I hope that this support of our longer loans may go on increasing. As has often been pointed out before, it would be of great advantage to the State after the war if as much as possible of our war borrowings had been for medium and long-term loans, with definite dates of maturity, rather than in forms repayable at short notice and having to be very frequently renewed.