§ Mr. Masonasked the Postmaster-General how the Post Office investment programme for each of the years 1963–64 to 1967–68 will be financed as between depreciation provision, loans and profit; and what he estimates the interest charges will be for each of these years.
§ Mr. BevinsCapital requirements in 1963–64 are estimated at £169 million, of which £69 million will be financed from depreciation provisions, £72 million by borrowing, and £28 million from profits. Over the next four years capital requirements are estimated at about £900 million, and, if the Post Office exactly achieves its financial target, this64W will be financed as follows: depreciation £330 million, borrowing £380 million, profit £190 million. The effect in particular years depends on circumstances which cannot be foreseen precisely. The interest to be paid will depend on the borrowing rate in force at the time: currently the rate is 5¾ per cent.