HC Deb 22 February 1954 vol 524 cc3-5
5. Mr. Bartley

asked the Minister of Fuel and Power what amount of the global compensation of £164,660,000 to be paid for the coal industry to the former owners under Section 10 (3) of the Coal Industry Nationalisation Act, 1946, has been paid up to date.

Mr. Geoffrey Lloyd

One hundred and forty million two hundred and eighty-four thousand three hundred and twenty-six pounds, Sir.

Mr. Bartley

Will the Minister state how much of that amount is chargeable to the coal industry itself? Furthermore, can he say whether, without this charge, the industry has made a profit since nationalisation, and when does he estimate that this payment will be completed?

Mr. Lloyd

I cannot enter into that calculation, and I cannot say when it will be completed.

Mr. Woodburn

I take it that stock and not cash is being handed over.

Mr. Lloyd

Yes.

6. Mr. Bartley

asked the Minister of Fuel and Power the amount of compensation which has been paid to persons who had contracts with the owners of the coal industry prior to nationalisation.

Mr. Geoffrey Lloyd

Assuming the Question refers to persons with contracts of employment, about £819,000 up to 30th September, 1953.

Mr. Bartley

Can the Minister state whether the amount paid per annum by way of personal contracts has increased or decreased since the beginning of nationalisation?

Mr. Lloyd

I should require notice of that question.

7. Mr. Bartley

asked the Minister of Fuel and Power when he expects that the valuations in respect of subsidiary interests transferred to the National Coal Board under Section 10 (2) of the Coal Industry Nationalisation Act, 1946, will be completed and the payments apportioned to the separate interests.

Mr. Geoffrey Lloyd

The valuations of subsidiary interests have been completed, and compensation satisfied, in six of the 21 valuation districts. In the other districts valuations are still open to review and I am unable to forecast when they will be completed.

Mr. Bartley

Is the Minister aware that, when the Nationalisation Act was passed, it was then expected that these valuations would be completed within a period of five years, and that it is now about seven years since then? Will he not take some action to bring about the completion of this work?

Mr. Lloyd

Yes, but I think the work has proved more complicated than was anticipated at the beginning.

8. Mr. Slater

asked the Minister of Fuel and Power the amount of money payment made as interest on the compensation paid to the previous owners of the coal industry under Section 22 (2, b) of the Coal Industry Nationalisation Act, 1946, showing the amount for each national coal division separately.

Mr. Geoffrey Lloyd

As the answer contains a number of figures, I will, with permission, circulate it in the OFFICIAL REPORT.

Following is the answer:

Valuation District £
Northumberland 2,397,904
Durham 6,576,341
Cumberland 268,428
Lancashire 2,237,315
North Wales 352,002
Yorkshire 9,838,127
North Derbyshire 2,937,043
South Derbyshire 676,639
Nottinghamshire 3,612,163
Leicestershire 667,083
Shropshire 183,664
Cannock Chase 1,075,400
North Staffordshire 1,707,051
South Staffordshire 179,521
Warwickshire 1,526,696
Bristol 3,946
Forest of Dean 196,025
Somerset 169,326
Kent 280,990
South Wales and Monmouthshire 5,829,615
Scotland 6,131,422
£46,846,701
These figures cover the period up to 31st January, 1954. They include interest additions to unpaid compensation, totaling £6,195,133, and also revenue payments which are treated as payments on account of interest, totaling £40,651,568.