HC Deb 21 July 1919 vol 118 cc874-5
14. Brigadier-General CROFT

asked the President of the Board of Trade what is the average profit of coal-owners on a ton of coal sold in this country; and what percentage of profit that represents at present prices?

Sir A. GEDDES

I stated in the House last Monday that the average price of coal, including the increase of 6s. per ton, will be 29s. 3½d. per ton sold. The fixed owners' profit of 1s. 2d. per ton raised is equivalent to 1s. 3½d. per ton sold, and is, approximately, 4.5 per cent,. of the average selling price.

Brigadier-General CROFT

Will the right hon. Gentleman let these facts be known to the mining world?

Sir A. GEDDES

I am sure they are known to anyone who wishes to know.

Mr. HARTSHORN

Will the right hon. Gentleman say whether the necessary legislation has been introduced to carry that into effect, or whether it is not a fact that they are being paid at present at their pre-war standard?

Sir A. GEDDES

The hon. Member knows as well as any Member of the House that the actual legislation which will be required legally to limit the employers' profits to 1s. 2d. has not been before the House, but all the calculations I made use of last Monday, and all the figures I have given, are on the assumption that legislation will be passed to give effect to that announcement, as announced by the Leader of the House.

Mr. HARTSHORN

Can the right hon. Gentleman say what the profits actually have been and are, apart from that legislation?

Sir A. GEDDES

The profits are not worked out, as my hon. Friend knows, from day to day, but for the year they will be at the rate of 1s. 2d. per ton.

Mr. J. JONES

Will that also be applied to the East-end of London?

Sir A. GEDDES

I did not know the coal-owners were making more than that.

Mr. JONES

Oh, are they not!