§ 56. Mr. OTHO NICHOLSONasked the Financial Secretary to the Treasury if he will state the amount of money spent by the Pacific Cable Board in duplicating 1181 its Pacific cable; the amount of profit made by the Pacific Cable Board during the last complete year; and what effect the wireless competition is having on the revenue of the board?
Mr. SAMUELThe duplication of the Pacific cable was carried out between 1923 and 1926 at a cost of £2,641,000, which was met out of Reserve Funds. The Board made a working profit of £178,284 on the year ended last March and, after paying £77,545 for interest and repayment of capital, devoted £100,739 to its reserve and renewal fund. As regards the last part of the question, I would refer my hon. Friend to the answer given yesterday to my hon. Friend the Member for Blackpool.