§ 10. Mr. Ginsburgasked the Minister of Power what is the present level of undistributed coal stocks; and how the stock change this year so far compares with expectation.
§ Mr. Wood32.7 million tons at 26th March. The reduction of undistributed stocks by 3 million tons since 1st January is up to expectation.
§ Mr. GinsburgWould not the Minister agree that this is a most satisfactory result and a welcome justification of the policy of the National Coal Board in this matter?
§ Mr. WoodNaturally, I and the House would like to see a further reduction of these stocks, but, as I say, what has happened is up to the expectations on which I based my estimates in the debate last November.
§ 11. Mr. Ginsburgasked the Minister of Power if he will give the price, on the basis of information supplied to him for the purposes of compiling table 22 of his Statistical Digest, at which coal from stock has been sold at the most recent date; and how far the realization has compared with the cost of producing the coal and the allowance made for the cost of stocking it.
§ Mr. WoodI understand from the National Coal Board that coal from stock has been sold at a variety of prices according to its quality and size. Separate figures are not available, but the coal has been sold quality for quality at the same prices as coal from current production. The Board considers that the experience gained in stocking and selling this coal confirms the adequacy of the allowances for the cost of stocking which it made in its published accounts.
§ Mr. GinsburgAgain, would the right hon. Gentleman not agree that this is a most satisfactory result? Does it not 867 show that the National Coal Board was right in this matter as against the irresponsible attitude taken by its critics?
§ Mr. WoodI think that as far as sales have gone already—and the Board is satisfied with this—the provision the Board has made for the various losses in stocking has been adequate.
§ 13. Mr. Nabarroasked the Minister of Power how many million tons of undistributed coal and coke were held by the National Coal Board at the end f the coal winter 31st March, 1960; what was the aggregated inventary value of such stocks at that date; how that inventory value compared with the figure at the commencing of the coal winter 1st November, 1959; and what estimate he has made of the position at 1st November, 1960.
§ Mr. WoodThe Board informs me that on 26th March it held 32.7 million tons of coal and 5 million tons of coke which it valued at about £130 million. This valuation compares with a figure of approximately £140 million at 1st November, 1959. Between now and 1st November next the position will be affected by seasonal stocking, but I expect the estimate of a net stock lift of about 1 million tons during the year 1960 as a whole to be fulfilled.
§ Mr. NabarroDo not these figures reveal that almost throughout this calender year the taxpayers will be maintaining a stock of £125 million worth of coal and coke, undistributed, unsold and perhaps unsaleable by the Board?
§ Mr. NabarroThank you very much.