§ 7. Mr. Ridsdaleasked the Chancellor of the Exchequer what net return he expects to receive from capital the Government invests in industry.
§ Mr. CallaghanThe return will vary according to whether the investments are undertaken for purely commercial purposes or for wider economic or social reasons.
§ Mr. RidsdaleIs the right hon. Gentleman satisfied with the net return of of capital in the nationalised industries? Is he aware that the net return of the National Coal Board is .03 per cent.? What is he doing about its?
§ Mr. CallaghanThe Government, since we took office, have put the finances of the National Coal Board and especially its capital structure on a much more satisfactory basis. The general progress and productivity in the industry is a matter for congratulation to all associated with it. In their policy for the nationalised industries generally, the Government are requiring that new investment should be seen to earn a reasonable return, although, of course, the older investment naturally cannot be expected in all circumstances to earn the same level of return.