The table on page 48 brings forward to March 1964 the analysis of the National Debt by type of holder which was published in this Bulletin a year ago. It is derived largely from published statistics, and shows details of the holdings at nominal value where possible. Because in most financial statistics government guaranteed stocks issued by the nationalised industries are indistinguishable from government stocks, the total amount of such guaranteed stocks outstanding is added to the total of the National Debt as given in the Finance Accounts of the United Kingdom. Debt payable in overseas currencies is, however, excluded. Some of the figures, particularly those for holdings of overseas residents and individuals, are no more than broad estimates. Nevertheless the table as a whole probably gives a reasonably accurate picture of the distribution of the various forms of government debt.