The later 700 phones had everything fixed to the base and the top part was then just a cover (much like the Western Electric 500). These earlier phones, however, just had a cover plate for the base with all the works fixed inside the top part of the casing.

And for all you sharp-eyed viewers, can you spot the one item here which is not original G.P.O. issue?

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Like many of the old G.P.O. telephone sets, this phone was made by Standard Telephones in North London (my mother worked there for a while):

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Electrically, the 332 set predates the use of regulators, so the internal circuitry is quite simple. Here's the schematic from inside the base plate:

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