§ Colonel Crosthwaite-Eyreasked the Minister of Fuel and Power whether he will indicate the progress of the National Coal Board's investment programme.
§ Mr. Geoffrey LloydThe National Coal Board incur considerable capital expenditure on coke ovens and other ancillary work, amounting in recent years to between £4 million and £6 million a 109W year, but the main item in their investment programme has been their expenditure on collieries. The Board's published accounts show that capital expenditure on collieries was £27 million in 1949, £24,6 million in 1950 and £26,5 million in 1951.
In 1952 the Board's capital expenditure will be substantially higher than in any previous year. The expenditure on collieries will exceed that anticipated by the National Coal Board at the beginning of the year, and is now expected to be about £10 million in excess of the expenditure in 1951. When adjustment is made for changes in prices the rate of physical investment is still below that required for the National Plan; but the National Coal Board have informed me that a further increase in the rate of investment is expected in 1953, though the peak may not be reached until 1954 or 1955.