§ MR. W. T. HOWELL (Denbigh Boroughs)
I beg to ask the Chancellor of the Exchequer whether the contemplated reduction in the amount of guarantee required for small telegraph offices is to apply to existing guarantees or only to future guarantees?
§ MR. HANBURY
The concession recently announced with regard to guarantees for small telegraph offices will apply to existing as well as future guarantees. But the concession is not rightly described as a reduction in the amount of guarantee required. It is an undertaking by the Exchequer to share equally with the guarantor any loss which may arise upon the guaranteed office.