§ Mr. J. Morrisonasked the Minister of Works what is the total loss on the Festival of Britain, to the nearest convenient date.
§ Mr. EcclesWhile it is impossible to arrive at final figures for financial out-turn of the Festival of Britain until the dismantling of the South Bank and other exhibitions has been completed and outstanding claims on contracts have been settled, I am in a position to give the House a preliminary and provisional appreciation.
The total net expenditure authorised for the Festival of Britain by the previous Government was £9 million, or £8,940,000 after deducting the £60,000 which the Festival Office provided as a net contribution to the cost of the Festival Pleasure Gardens which are now being continued so that their eventual financial results cannot yet be judged. While it is impracticable to be quite definite at this stage, the Festival Office hopes to succeed in keeping within its estimate in spite of steeply rising costs at the time the exhibitions and other events were being prepared and held.
The total gross authorised expenditure of £11,500,000 is divided as follows:
£ Festival Office 10,051,350 Ministry of Transport 709,000 Council of Industrial Design (Board of Trade) 318,000 Arts Council (Treasury) 400,000 British Film Institute (Treasury) 15,500 National Museum of Wales (Treasury) 6,150 £11,500,000 Against its gross expenditure of £10,051,350 the total revenue from all sources to be received by the Festival Office is now estimated at about £2,500,000, which compares with estimates before the opening of £2,560,000. This figure does not take account of 90W scientific and artistic exhibits, purchased for the Festival exhibitions at a cost of some £200,000, which it is proposed to ask the House to approve as gifts to appropriate public institutions in the United Kingdom and the Commonwealth. While allowance has been made for the salvage value of the buildings, no account has been taken in this estimate of the additional revenue which will be received from the sale of exhibits or other articles used in the exhibitions.