
1 

(1) The Treasury may accept any fully paid shares in Cable and Wireless Limited made over to it as aforesaid, and any dividends or other sums received by the Treasury in respect of those shares (other than any part of any dividends on any shares transferred to the Treasury which the Treasury may be liable to pay to the transferors of those shares) shall be paid into the Exchequer.
(2) The Postmaster-General may enter into an agreement with Cable and Wireless Limited whereby the circuits agreement is, with certain alterations, continued for such period as may be determined by or under the agreement for the continuation thereof.
(3) The Postmaster-General may waive the Kenya claim.
(4) The Postmaster-General may make an arrangement with the said company whereby—
(a) an account is from time to time prepared, as from such date as may be agreed, of certain sums to be specified in the arrangement, being certain of the sums which, under the International Telegraph Regulations, fall to be received and retained by the Postmaster-General and the company in respect of telegrams within the European telegraph system as defined for the purposes of those Regulations, being telegrams passing to or from or through the area consisting of the United Kingdom, the Isle of Man and the Channel Islands, and
(b) such payments are from time to time made to the Postmaster-General by the company and by the Postmaster-General to the company as are necessary to secure that, as between the Postmaster-General and the company, the benefit of the said specified sums is shared in such proportions as may be specified by or under the arrangement.Any payments made by the Postmaster-General to the company under this subsection shall be treated as payments which may be deducted from the gross revenue of the Post Office before that revenue is paid into the Exchequer.
(5) In this section the expression " the International Telegraph Regulations" means the telegraph regulations for the time being in force under the International Telecommunication Convention signed at Madrid in the year nineteen hundred and thirty-two or any international convention substituted in lieu thereof.
2 
For the purpose of the statement required to be made under section thirty-eight of the Finance Act, 1933 (which relates to the Post Office Fund), there shall, as from the beginning of March nineteen hundred and thirty-eight, be included in the revenue of the Post Office a sum calculated at the rate of one hundred and fifty thousand pounds per annum.
3 
This Act may be cited as the Imperial Telegraphs Act, 1938.