National Coal Board (Finance) (Hansard, 4 July 1960)

§ 4. Mr. Nabarro
asked the Minister of Power what estimate he has made of the financial results of the National Coal Board during six months ended 30th June, 1960, and of the cumulative loss forward at 1st July, 1960, including the loss of £51 million at 1st January, 1960

§ Mr. Wood
I must ask my hon. Friend to await the publication by the Board of its financial results in its usual half-yearly statistical statement.

§ Mr. Nabarro
That is not much good to me. Is it not the fact that the rate of loss of the National Coal Board for the first six months of this year is approximately the same as the rate of loss for last year, which in the whole of 1959 was £22 million? As this is becoming a direct charge on taxpayers, will not my right hon. Friend be a little more forthcoming as to how a possible deficit at the end of 1960 of £75 million, which is what it will undoubtedly be, can be dealt with?

§ Mr. Wood
It is very reassuring to me that my hon. Friend's estimates of losses are going down. He suggested £100 million last time. I do not think that I can go further in anticipating these figures. The financing of the deficit seems to go beyond the Question my hon. Friend has asked me.

§ Mr. J. Griffiths
Will the Minister publish in the OFFICIAL REPORT at an early date a statement of the burdens which have now to be borne by the National Coal Board—

§ Mr. Nabarro
The right hon. Gentleman is one.

§ Mr. Griffiths
The hon. Gentleman is another. One example is that the Board bears the cost of subsidence, which was never met by the old coal owners. There are other burdens of that nature. If the right hon. Gentleman follows my suggestion, the nation can clearly see the elements which go to make up these losses.

§ Mr. Wood
The best way to deal with this matter is for the right hon. Gentleman to put down a Question. The Answer would then find its way into the columns of the OFFICIAL REPORT, as he suggested.