-2- price of coal. It has therefore all the time been necessary to balance the advantage of restricting the in###rease in the price of coal against the risk that production might continue to fall. There has accordingly been a lag between increases in coal price and increases in costs of production. The result of this policy has been that the total accumulat### debt at 31st December, 1944, amounted to £253/4% million. This is equivalent to 3/3d. per ton on an annual supply tonnage of 160 million tons.