§ Mr. Eldon Griffithsasked the Chancellor of the Exchequer if he will provide a table of the annual operating losses and the losses on capital account sustained by the nationalised industries since the date of nationalisation of each; and if he will estimate the cumulative cost to the revenue of these industries since they passed into public ownership.
§ Mr. GreenThe following is a table showing the annual financial results before and after paying interest:
194W
NATIONAL COAL BOARD £ million Year (a) Result before Interest (b) Interest (c) Result after Interest 1946 … — 0.2 — — 0.2 1947 … — 8.3 15.0 — 23.3 1948 … 16.8 15.1 1.7 1949 … 22.9 13.4 9.5 1950 … 23. 0 14.7 8.3 1951 … 12.9 14.7 — 1.8 1952 … 6.7 14.9 — 8.2 1953 … 17.6 17.1 0.5 1954 … 14.6 18.1 — 3.5 1955 … 1.7 21.3 — 19.6 1956 … 34.7 21.9 12.8 1957 … 19.9 25.2 — 5.3 1958 … 29.1 32.6 — 3.5 1959 … 13.1 37.1 — 24.0 1960 … 20.2 41.5 — 21.3 1961 … 27.4 42.4 — 15.0 1962 … 45.4 44.0 1.4 Total … 297.5 389.0 — 91.5
ELECTRICITY COUNCIL £ million Year (a) Result before Interest (b) Interest (c) Result after Interest 1946 … — — — 1947 … — — — 1948 … 20.7 16.3 4.4 1949 … 25.1 17.9 7.2 1950 … 27.3 21.0 6.3 1951 … 26.3 23.4 2.9 1952 … 36.5 29.2 7.3 1953 … 46.8 33.6 13.2 1954 … 55.2 36.4 18.8 1955 … 52.9 40.7 12.2 1956 … 59.1 47.4 11.7 1957 … 70.2 54.1 16.1 1958 … 87.6 60.3 27.3 1959 … 94.6 67.9 26.7 1960 … 97.3 81.0 16.3 1961 … 119.4 92.5 26.9 1962 … 145.4 102.9 42.5 Total … 964.4 724.6 239.8 195W
NORTH OF SCOTLAND HYDRO-ELECTRIC BOARD £ million Year (a) Result before Interest (b) Interest (c) Result after Interest 1946 … — — — 1947 … — — — 1948 … — — — 1949 … 0.6 0.5 0.1 1950 … 1.0 1.0 — 1951 … 1.4 1.4 — 1952 … 2.0 2.0 — 1953 … 2.6 2.6 — 1954 … 3.2 2.9 0.3 1955 … 2.0 2.8 - 0.8 1956 … 4.1 4.3 — 0.2 1957 … 5.0 5.0 — 1958 … 6.0 6.1 — 0.1 1959 … 7.1 7.1 — 1960 … 7.9 7.7 0.2 1961 … 10.0 8.3 1.7 1962 … 10.2 8.7 1.5 Total … 63.1 60.4 2.7
SOUTH OF SCOTLAND ELECTRICITY BOARD £ million Year (a) Result before Interest (b) Interest (c) Result after Interest 1946 … — — — 1947 … — — — 1948 … Included in Electricity Council figures until 1955 1949 … 1950 … 1951 … — — — 1952 … — — — 1953 … — — — 1954 … — — — 1955 … 2.5 1.9 0.6 1956 … 4.4 3.2 1.2 1957 … 3.8 3.3 0.5 1958 … 4.2 4.1 0.1 1959 … 5.2 5.1 0.1 1960 … 6.5 6.1 0.4 1961 … 8.0 7.6 0.4 1962 … 11.0 9.2 1.8 Total … 45.6 40.5 5.1 196W
GAS COUNCIL £ million Year (a) Result before Interest (b) Interest (c) Result after Interest 1946 … — — — 1947 … — — — 1948 … — — — 1949 … 7.7 7.7 — 1950 … 10.6 8.7 1.9 1951 … 11.6 10.1 1.5 1952 … 14.8 12.1 2.7 1953 … 15.7 13.3 2.4 1954 … 17.2 14.8 2.4 1955 … 19.4 17.1 2.3 1956 … 23.7 19.0 4.7 1957 … 26.0 20.5 5.5 1958 … 21.0 21.6 — 0.6 1959 … 22.8 23.0 — 0.2 1960 … 27.1 24.6 2.5 1961 … 29.3 25.6 3.7 1962 … 32.5 26.2 6.3 Total … 279.4 244.3 35.1
BRITISH TRANSPORT COMMISSION £ million Year (a) Result before Interest (b) Interest (c) Result after Interest 1946 … — — — 1947 … — — — 1948 … 37.6 42.3 — 4.7 1949 … 23.1 43.9 — 20.8 1950 … 30.9 45.0 — 14.1 1951 … 44.9 44.9 — 1952 … 54.0 46.1 7.9 1953 … 54.6 50.5 4.1 1954 … 40.5 52.4 — 11.9 1955 … 23.2 53.8 — 30.6 1956 … — 54.7 — 54.7 1957 … — 8.2 61.8 — 70.0 1958 … — 32.5 72.3 — 104.8 1959 … — 16.7 82.8 — 99.5 1960 … — 40.7 92.8 — 133.5 1961 … — 57.4 102.7 —160.1 1962 … — 71.8 110.7 — 182.5 Total … 81 .5 956.7 — 875.2 197W
BRITISH OVERSEAS AIRWAYS CORPORATION £ million Year (a) Result before Interest (b) Interest (c) Result after Interest 1946 … — — — 1947 … — 6.7 0.4 — 7.1 1948 … — 5.2 0.4 — 5.6 1949 … — 8.7 0.9 — 9.6 1950 … — 4.6 1.0 — 5.6 1951 … 1.8 0.9 0.9 1952 … 0.6 0.9 — 0.3 1953 … 1.8 0.9 0.9 1954 … 0.9 0.9 — 1955 … 1.8 0.9 0.9 1956 … 1.4 1.0 0.4 1957 … — 1.6 1.9 — 3.5 1958 … — 8.7 2.9 — 11.6 1959 … 3.4 4.0 — 0.6 1960 … 2.7 4.7 — 2.0 1961 … — 44.1 6.0 — 50.1 1962 … — 6.5 6.4 — 12.9 Total … — 71.7 34.1 — 105.8
BRITISH EUROPEAN AIRWAYS CORPORATION £ million Year (a) Result before Interest (b) Interest (c) Result after Interest 1946 … — — — 1947 … — 3.6 — — 3.6 1948 … — 2.7 0.1 — 2.8 1949 … — 1.2 0.2 — 1.4 1950 … — 0.8 0.2 — 1.0 1951 … — 1.3 0.2 — 1.5 1952 … — 1.2 0.3 — 1.5 1953 … — 1.7 0.6 — 2.3 1954 … 0.7 0.6 0.1 1955 … 1.2 0.6 0.6 1956 … 0.8 0.6 0.2 1957 … 1.4 0.8 0.6 1958 … 1.4 1.1 0.3 1959 … 3.2 1.2 2.0 1960 … 3.6 1.3 2.3 1961 … — 0.5 2.3 — 2.8 1962 … 0.7 3.1 — 2.4 Total … 0.0 13.2 — 13.2
ALL NATIONALISED INDUSTRIES £ million Year (a) Result before Interest (b) Interest (c) Result after Interest 1946 … —0.2 — —0.2 1947 … — 18.6 15.4 — 34.0 1948 … 67.2 74.2 — 7.0 1949 … 69.5 84.5 — 15.0 1950 … 87.4 91.6 — 4.2 1951 … 97.6 95.6 2.0 1952 … 113.4 105.5 7.9 1953 … 137.4 118.6 18.8 1954 … 132.3 126.1 6.2 1955 … 104.7 139.1 —34.4 1956 … 128.2 152.1 —23.9 1957 … 116.5 172.6 — 56.1 1958 … 108.1 201.0 —92.9 1959 … 132.7 228.2 — 95.5 1960 … 124.6 259.7 — 135.1 1961 … 92.1 287.4 — 195.3 1962 … 166.9 311.2 — 144.3 Total … 1,659.8 2,462.8 — 803.0 Notes to the above Table
(1) Col. (a) shows the financial result before taking account of fixed interest payments.
Col. (b) shows the amount of these payments and in the case of the British Transport Commission includes interest charged to the B.T.C. Special Account.
Col. (c) shows the financial result after taking fixed interest payments into account.
(2) The figure shown in the total row of col. (c) for the British Transport Commission represents 198W the accumulated revenue losses which were met by Exchequer grant to the extent of £392.lm., the balance of £483.1m. being cancelled under the provisions of the Transport Act, 1962. This Act also provided for part of the commencing capital debt of the British Railways Board to be suspended and not to carry any interest or repayment liability unless and until the Minister of Transport so directs. £704.9m. of debt has been so suspended.
(3) The accounts of the National Coal Board, the two Scottish electricity boards and the former British Transport Commission were on a calendar year basis; the rest were on the basis of a year ending 31st March.
(4) The total losses for the Air Corporations include deficit grants of £25.4m. and £13.2 m. for B.O.A.C. and B.E.A. respectively during the period up to 1955.