The extent of the assistance of the United States and our advances to the Allies last year amounted to $2,525,000,000. In addition to this the United States have advanced to all the Allies no less a sum during the year than $4,750,000,000. Of this sum approximately $2,500,000,000 was advanced to us and $2,250,000,000 to the Allies. The House will see, therefore, that, whereas this year we advanced to the Allies approximately the same amount as last year, $2,525,000,000 as against $2,700,000,000, the United States advanced in addition $2,250,000,000; that is to say, the total advances by us and by the Government of the United States are $4,775,000,000, as against $2,700,000,000 by us alone last year. The House would notice that our advances to the Allies are approximately the same amount as the advances made to us by the Government of the United States. This is satisfactory. It means that it is only necessary for us to lean on the United States to the extent that the other Allies lean upon us, or that, in other words, after nearly four years of war we are self-supporting. But it is almost absurd that we should be borrowing with one hand while we are lending with the other. The result is that our accounts are inflated apparently, and in fact to that extent our credit is weakened. I have therefore been in communication with Mr. McAdoo, the Financial Minister of America, and Mr. Crossley, the head of the United States Financial Mission, and I suggested as regards advances to the Allies a course which, if adopted, will have the effect of lessening to a considerable extent our burden, while in no way increasing the total obligations of the United States. THE TOTAL BRITISH DEBT In referring to the total debt the Chancellor of the Exchequer made the following statement: The national debt, on the estimates which I have submitted to the House, will at the end of the present year, (March 31, 1919,) amount to $39,900,000,000. Previously, in counting our liabilities, I have deducted altogether advances to Allies and Dominions. I do not propose to adopt that course today. We cannot ignore what is happening in Russia; though, even yet, I do not admit--I do not believe--that we should regard the debt of Russia as a bad debt, because, sooner or later, in spite of what is happening now, there will be an ordered Government in that country.