§ 19. Captain BOWYER
asked the President of the Board of Trade whether he will 876 state the approximate net profit of coal mines during the year 1918 before deduction of Excess Profits Tax and after deduction of Excess Profits Tax, respectively; and what was the total amount paid in salaries and in wages, respectively during the same period?
§ Sir A. GEDDES
As the reply is rather lengthy, I propose with the permission of the House to circulate it in the OFFICIAL REPORT.
§ The following is the statement referred to—
§ Neither the actual net profit of coal mines for 1918 nor the total wages paid for that year can be given until audited accounts covering the year 1918have been prepared by all owners. This information will not be known for some time as there are a considerable number of owners whose audited accounts are prepared for the years ended 30th Juno and 30th September, 1919, but the following estimates may be given:
|—||Half-year for 30–6–18.||Half-year to 31–12–18.||Total for 1918.|
|Profit before deduction for Excess Profits Duty||13,000,000||22,500,000||35,500,000|
§ These profits are before charging royalties and interest which may be estimated at £6,000,000 and £1,200,000 per annum respectively. The salaries paid to directors and managers for 1918 are not known, but for 1917 they were stated in evidence given before the Coal Industry Commission on behalf of the Board of Inland Revenue to approximate to £1,300,000. If by salaries is meant the total remuneration of the management and clerical staffs, there is no available information as to the 1918 or 1917 amounts. That part of the question which relates to Excess Profits Duty should be addressed to the Chancellor of the Exchequer.