§ Mr. Delwyn Williams
asked the Secretary of State for Industry what is the purpose of the British-Japanese postal payments agreement signed recently; and what benefits are expected to accrue to the United Kingdom.
§ Mr. Michael Marshall
An agreement was signed on 13 February by Her Majesty's ambassador on behalf of her Majesty's Government with the Government of Japan. It will enable the British Post Office and the Japanese Savings Bureau to negotiate a mutally favourable arrangement for payments, mainly by private individuals for personal transactions, such as book club subscriptions, or other items of equally small orders. The amounts involved, should such an arrangement be negotiated, are likely to be modest but any such arrangement would provide a quick and useful money transmission method for the customer and could lead to further earnings for the United Kingdom.