7. Mr. Geoffrey Wilsonasked the Minister of Power what is his latest estimate of the deficit of the National Coal Board in the current financial year.
§ 60. Mr. Croninasked the Minister of Power if he will give an estimate of the National Coal Board's deficit for the current year.
§ Mr. MarshThe Chairman informs me that, on recent trends, the financial result for the year seems likely to be better than the possible deficit of £10 million envisaged when the Coal Industry Bill was debated last December.
Mr. WilsonWhile that Answer indicates that it is rather better than the deficit for the first half of the financial year, may I ask whether the right hon. Gentleman is satisfied that the financial objective set out in the White Paper, of breaking even, will be reached?
§ Mr. CroninIs it not the case that with the remarkable increase in productivity achieved by the coal industry recently and with the capital reconstruction brought about as result of the Coal Industry Act, 1965, there will be a steady and continuous improvement in the results?
§ Sir C. OsborneWould the Minister care to hazard a guess about how soon the National Coal Board will be working without a loss?
§ Mr. SwainIs my right hon. Friend aware that the output per man shift in the mining industry has gone up since September, 1967, to today by 11 per cent. and if this very hopeful trend can continue the first six months' deficit will be eliminated in the second six months of the current year?
§ Mr. MarshMy right hon. Friend is right to draw attention to this position. If the increases in productivity gained by the miners in the last year applied throughout British industry we would have no problems at all.
§ Mr. RidleyCan the Minister say what other action the Coal Board is taking to reduce or to eliminate this loss?
§ Mr. MarshThe Coal Board is engaged in a constant process of modernisation and improvement in methods.