§ Mr. Stokesasked the Minister of Fuel and Power whether agreement has yet been reached by the Petroleum Board with regard to the value of the physical capital of the Board; and to what extent this figure varies with the adjusted value estimated in 1942 to be £23,000,000 and the peace-time working capital as £28,000,000?
Major Lloyd GeorgeI have informed the Petroleum Board that the opening value of their physical capital will be taken, in round figures, as £22,400,000 and that the pre-war working capital will be assessed at £28,000,000. The former figure1420W is, however, subject to variation from time to time, to reflect, for example, depreciation, renewals and additions. Similarly the working capital employed, namely the cash actually required to finance the purchase of oil products, must also be subject to periodic ascertainment. In these circumstances, figures of actual values will not be available until I receive the final accounts which the Board have been requested to prepare.