The Post Office is draining money like a sieve, but with a new Postmaster General George Outerbridge and a comprehensive review in the works, Government is hoping to stem the flow.

Also in the works are a new point of sale system to be installed in every post office, a web-site for philatelic sales and public access Internet kiosks.

The review will include the possibility of expanding services, revising rates and creating a database of all addresses on the Island.

But Opposition Leader Grant Gibbons offered some ideas of his own at Friday's House of Assembly sitting.

Increased competition from e-mails and faxes was one of the reasons why the Post Office was expected to lose an amount equal to 37 percent of its revenue, said Dr. Gibbons.

In 2001/02, the Post Office spent $9.8 million but took in just $7.45 million. And for the current financial year Government estimates spending at $10.6 million against revenues of $7.8 million. For the coming year it expects the Post Office to spend $334,000 more and lose an extra $343,000.

Dr. Gibbons pointed to Sweden where the post office had gone into bill payments as a source of revenue, as an example of what could be done to turn things around.

He added that a third of all revenue of the United States Postal Service now came from bill processing.

"We have a new Postmaster General who is excited and ready to carry out a comprehensive review to make it profitable at the end of the day," Acting Finance Minister Randy Horton told The Royal Gazette later.