§ Mr. R. Williamsasked the Minister of Fuel and Power whether he will make a statement concerning the payment of interim income to the former colliery owners for 1949 and subsequent years.
§ Mr. GaitskellYes. The Coal Industry Nationalisation Act, 1946, authorised the payment of interim income for the years 1947 and 1948 at the rate of half of the comparable ascertained revenue of the concern during periods defined in Section 22 of the Act. The procedure for settling the amount of compensation to be paid to individual companies has, however, taken longer than was anticipated and the Government has therefore decided to continue payments of interim income for 1949 and subsequent years pending full satisfaction of compensation. The rate of interim income for these years will, however, be one-third instead of one-half of the comparable ascertained revenue and will be treated as advances, or payments on account, against the interest which will eventually accrue on the actual compensation paid. It will therefore not represent any addition to the total payments provided by the 1946 Act. I have today presented a Bill to give effect to the Government's decision.