§ MR. HAROLD COX () PrestonTo ask the Secretary to the Treasury if he can give any further explanation than that contained in the Estimates of the fact that the estimated grant-in-aid to the Pacific Cable for the year 1908–9 shows a considerable increase over the estimated grant for 1907–8.
(Answered by Mr. Runciman.) In estimating the amount of the grant-in-aid required for any year, account is taken of the probable balance in the hands of the Board at the beginning of the year available for expenditure. Last year it was estimated that the balance available on 1st April, 1907, would be £20,355, and the grant-in-aid was reduced by that amount. The balance available on 1st April, 1908, is now estimated at £6,976, and this difference accounts for the increase in the grant-in-aid. The estimated excess of expenditure over traffic receipts is practically the same for the two years.