§ 4. Mr. Nabarroasked the Minister of Power, having regard to the loss forward of £64 million on Coal Board accounts at 30th June, 1960, what is the rate of loss since suffered; and whether these growing deficits are to be financed by new borrowing or otherwise.
§ Mr. WoodThe Board's third quarter results are usually adverse and those of the fourth favourable. I expect the fourth quarter of this year also to reflect the improvement which should follow the recent price increases. The figures will not be available for publication until after the end of the Board's accounting year. The Board's accumulated deficit is meanwhile covered by internal resources and arisings.
§ Mr. NabarroWhy cannot we have quarterly financial accounts from the National Coal Board? Is not my right hon. Friend aware that a very much larger international trading company, Shell Royal Dutch, for example, publishes quarterly accounts, including profit and loss accounts? Would not that be a good example for a nationalised industry to follow? Why does my right hon. Friend persist in protecting the Coal Board in these matters?
§ Mr. WoodI do not think that I protect the Coal Board. I think my hon. Friend realises that the number of concerns which produce these quarterly figures is very few.
§ Mr. NabarroNo.
§ Mr. WoodIt is so. The Act requires the Board to provide accounts and a statement once a year. The rest is up to the Board. It is for the Board to decide.