§ 33. Lieut.-Colonel Bromley-Davenportasked the Minister of Power if he will state the total amount of taxpayers' money invested in the mining industry, and the total losses to date since the coal mines were nationalised.
§ Mr. GeorgeAt the end of 1959, the Board's outstanding liability to the Minister in respect of compensation and capital advances was £941 million. The Board's accumulated deficit on profit and lass account, less reserve fund, was about £50 million.
§ Lieut.- Colonel Bromley - DavenportWill my hon. Friend not agree that the mining industry has followed in every detail the golden rule set by all nationalised industries—[An HON. MEMBER: "Like B.E.A."]—which is to give the public worse service and worse quality at greatly increased cost to the consumer? I wonder whether my hon. Friend will clear up one point which is causing concern? Which does his Department consider the biggest millstone round the necks of the taxpayers, the mining industry or British Railways?
§ Mr. GeorgeMy right hon. Friend is satisfied that the National Coal Board is doing everything in its power to work the mines efficiently and give satisfaction to its customers.
Mr. LeeThe hon. and gallant Member for Knutsford (Lieut.-Colonel Bromley-Davenport) asked about the total losses to date. Would the Minister agree that in the 1958 Report of the National Coal Board we see that profits were over £180 million from coal workings, despite the fact that about £60 million was lost on the importation of 622 foreign coal? Would he not also agree that in respect of interest payments, which the hon. and gallant Member is concerned about, the Board has paid back to the Ministry about £240 million in interest rates since it came into existence.
§ Mr. GeorgeI should like to correct one misunderstanding which might arise from the Question. In fact, it is not taxpayers' money. The money is paid from the Consolidated Fund, and the National Coal Board has not defaulted in its responsibility to pay interest, or to repay principal.
§ Mr. NabarroHas my hon. Friend neglected to observe that in his original Answer he referred to a loss on the trading account of the National Coal Board of £50 million up to 31st December, 1959? Having regard to continuing losses which he himself admits during the current year, would he not now admit that the figure of loss at the end of this year, 1960, might reach the astronomical figure of £100 million, all of which has to be provided by the taxpayer and nobody else?
§ Mr. GeorgeMy hon. Friend is giving his idea of the loss at the end of next year—
§ Mr. NabarroI did not say next year. I said this year.
§ Mr. George—at the end of this year, but he never at any time produces any facts to back up his statements. His statements are very often of a very wild nature, and this is no exception.
§ Mr. SnowIn any event, are we not indebted to the hon. and gallant Member for Knutsford (Lieut.-Colonel Bromley-Davenport) for giving such wide publicity to the vast amount of money being paid in compensation for pits, many of which were job lots?
§ Mr. ShinwellDo I understand from the Minister that, in spite of this sniping against the National Coal Board—
§ Mr. NabarroNot sniping against, voting against.
§ Mr. Shinwell—the Government do not intend to denationalise the coal industry? Could we have that assurance?
§ Mr. GeorgeI can give the right hon. Gentleman that assurance.
§ Mr. NabarroOn a point of order. In view of the wild reply of the Parliamentary Secretary, I beg to give notice that I shall raise the matter on the Adjournment at the earliest moment.
§ Mr. SpeakerI repeat my request that hon. Members should adhere to the traditional formula.
§ Mr. NabarroI am sorry, Mr. Speaker. May I delete "wild" and substitute "highly unsatisfactory".