HC Deb 12 March 1968 vol 760 cc1162-3
5. Mr. Michael Shaw

asked the Minister of Power if he will take steps to publish an interim statement of the profit or loss to date by the British Steel Corporation since nationalisation.

59. Mr. Ridley

asked the Minister of Power when he first intends to present an interim statement of the profit or loss incurred by the British Steel Corporation.

Mr. Marsh

The Corporation informs me that trading results for the first two months after vesting date will be shown with the group accounts of the nationalised steel companies for 1967, which the Corporation expects to publish in April. It will publish an interim statement giving a broad indication of earnings for the 26 weeks to 30th March, 1968, in about June.

Mr. Shaw

Does the right hon. Gentleman therefore agree that the company will be entirely in line with its requirements for publishing accounts with those of any private enterprise limited company?

Mr. Marsh

It will be in line with the provisions of the Act.

Mr. Ridley

May I thank the Minister for making this concession and getting the Steel Corporation to publish accounts earlier than was suggested? May I ask whether in his opinion the Steel Corporation is making a profit or a loss?

Mr. Marsh

Of course, the Steel Corporation labours under an enormous adverse heritage from the past of private enterprise.