§ Mr. TINKERasked the Secretary for Mines what percentage of profit was allowed to colliery companies when they were under control during the War period?
708W
§ Mr. E. BROWNThe control of the coal mining industry which covered the period 1st March, 1917–31st March, 1921 (with the exception of South Wales, where it commenced on 1st December, 1916), was regulated by the Coal Mines Control Agreement Act, 1918, and the Coal Mines (Emergency) Act, 1920, respectively. Under the former Act, a colliery owner was entitled, broadly speaking, either (1) to retain his pre-War standard of profits, with an adjustment for increase or decrease in capital, plus 5 per cent. of any excess of profits thereover; or (2) to have his profits made up to his pre-War standard, less an adjustment for any reduction in his accounting period output as compared with the standard period output. Under the latter Act, an owner retained only his pre-War profits standard, or had his pre-War profits standard made up to him as the case might be in each case with an adjustment where necessary to allow for any increase or decrease of capital.