§ Mr. DAYasked the Postmaster-General the amount standing in the books of the Post Office at the present time as telephone subscribers' deposits; and whether these deposits are invested in any Government securities?
§ Mr. LEES-SMITHThe amount standing in the books as subscribers' deposits is about £2,730,000. It forms in the first instance part of the general balances of the Post Office out of which, after providing the necessary working balance, payments are made to the Exchequer on account of Post Office revenue earned and in hand. Accounts for telephone call fees are rendered at a considerable interval after the services have been performed, and the amounts in question, although standing in the books as deposits, are balanced by the accrued liabilities of subscribers for which accounts have not yet been rendered. No question of investing the amounts therefore arises.