§ 54. Sir JOHN POWER
asked the Postmaster-General the total loss on the telegraphs, on the basis of the commercial accounts, since they were nationalised; and which was the latest year in which a profit was earned?
§ Sir W. MITCHELL-THOMSON
Commercial accounts were not prepared before the 1st of April, 1912. It is estimated that during the period 1870 to 1912 the total loss amounted to approximately £21,800,000, of which interest charges account for about £12½ millions. From April, 1912, to April, 1928, the loss amounted to approximately £24 millions, including about £5 millions for interest charges. The latest year in which a surplus was shown was 1871, when, as I have indicated, the accounts were not on a commercial basis.
§ Mr. PETHICK-LAWRENCE
Is it not a fact that the profit on the Post Office since the War is far greater than the loss on the telegraphs in the whole of the period referred to by the right hon. Gentleman?