§ 40. Mr. Ginsburgasked the Minister of Power how much the National Coal Board borrowed from the Government in 1960 to finance capital expenditure; and how much it contemplates borrowing in 1961.
§ The Minister of Power (Mr. Richard Wood)The National Coal Board's estimates of capital investment and finance are now prepared on the basis of the financial year. The recent White Paper on Government Expenditure Below the Line (Cmd. 1338) showed that net borrowing from the Exchequer was £2.2 million in 1960–61. It is expected to be £12 million in 1961–62.
§ Mr. GinsburgDo not these figures show a marked reduction in the amount of borrowing compared with 1959–60? How far is this due to stock movements, to a reduction in stocks? Does not the picture show that certain pessimists were very wrong a year ago when this matter came before the House?
§ Mr. WoodThe figures indeed show a great reduction in borrowing from 1959. This is due chiefly to changes in the need for working capital of the Board, which increased very considerably in the first of the two years and decreased very considerably in the second. Many of our estimates are from time to time wrong. Mine have been generally more correct than most others.