mail on which the postage is printed directly on an envelope or label by a machine licensed by the postal service.
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British Dictionary definitions for metered mail
mail franked privately, under licence, with a machine bearing special markings (meter marks)
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012