THE CONTROL OF MONEY IJl

One conclusion is unavoidable. Parliament has concerned
itself so much with preventing "uncontrolled" expenditure
that it has neglected the prevention of waste. Yet public
administration in Britain cannot be labelled extravagant; it
compares favourably with that of most other countries. But it is
questionable whether Treasury supervision of Estimates is
sufficient check on the growth of small items of unnecessary
expenditure; and these, if unremoved, make up in time a
formidable total. In the middle of the I9th century Mr. Gladstone
found an accumulation of waste and had to destroy it by instilling
rigorous habits of economy into all who worked with him. This
tradition has not yet died; but it was weakened by the War,
when resources had to be provided quickly rather than
economically, and by the great growth of public expenditure
which has made details appear negligible. It might therefore be
desirable for the Estimates Committee to be enlarged and
divided into sub-Committees to consider separately and
simultaneously those Departments which are the chief spenders.
Its members would have to devote considerable time to their
work and would need the help of experts other than those in
Government Departments.

DEBT.

Frequent reference has been made to borrowing .by the
Government, and it will now be convenient to summarise the
facts of the National Debt. There is, first, the short-term debt,
totalling about £1,000,000,000. This is constantly being borrowed
to meet everyday needs, and repaid as the receipts from taxes
come in. The money is drawn partly from firms.which "take up"
Treasury Bills—i.e., lend the Government money for short
periods—and largely from the Bank of England which makes
what are known as Ways and Means Advances to the Govern-
mept. The long-term debt has been incurred, for the most part,
in time of war, and reaches the amazing total of £6,000,000,000.
The £230,000,000 set aside each year, together with any