HC Deb 20 March 1962 vol 656 cc198-9
22. Mr. van Straubenzee

asked the Postmaster-General what rates of commission for banking services performed for the Post Office were agreed with the clearing banks on 1st October. 1960.

Miss Pike

It would be contrary to established practice to disclose the terms of commercial contracts or agreements for particular supplies or services. My right hon. Friend can, however, inform my hon. Friend that the Post Office Accounts for 1961–62 will show a total payment of about £700,000 by way of bank charges.

Mr. van Straubenzee

Is my hon. Friend aware that my information is that in fact the rates agreed are 6d. per item collected and paid, 1s. per cent. on cash paid in and out and out-of-pocket expenses, and even allowing for the 2½ per cent. per annum on the average cleared balances allowed to the Post Office, at a time when she and her right hon. Friend are increasingly making the Post Office competitive is not this a fee that she should look at closely?

Miss Pike

I cannot comment on the figures given by my hon. Friend, but I assure him that we looked at this very carefully and we believe that we have a good bargain.