Mr. Bernard Taylorasked the Minister of Power (1) if he will state the annual payments from 1960 to 1964 by the National Coal Board to him or his predecessor for the liability transferred from the Coal Commission to the National Coal Board in 1947;
(2) if he will state the liability of the National Coal Board in respect of the transferred liability from the Coal Commission at December 1964.
§ Mr. Frederick LeeThe National Coal Board's capital liability at 31st December, 1964 in respect of the issue under section 32 of the Coal Industry Nationalisation Act, 1946 of Government Stock in exchange for Coal Commission Stock was £60,440,166.
The liability is being extinguished by an annuity payable to the Exchequer for 50 years to 1996 of £2,766,245 per annum, of which in the years 1960 to 1964 the interest and capital elements were as follows:
Interest Capital £ £ 1960 … … 1,656,795 1,109,450 1961 … … 1,629,059 1,137,186 1962 … … 1,600,629 1,165,615 1963 … … 1,571,489 1,194,756 1964 … … 1,541,620 1,224,625
Mr. Bernard Taylorasked the Minister of Power if he will state the annual cost per ton to the National Coal Board, from 1947 to 1964, in the form of interest payments, in taking over the liability of the Coal Commission set up under the Coal Act, 1938.
§ Mr. Frederick LeeThe annual cost per ton to the National Coal Board of the interest element of the annuity charged on the Board in respect of the cancelled Coal Commission Stock has diminished during the period 1947 to 1963–64 from 2¼d. to 2d.