Public Corporations (Written-off Capital) (Hansard, 18 November 1969)

§ 117. Mr. John Hall
asked the Chancellor of the Exchequer if he will publish in the OFFICIAL REPORT details of all capital in public corporations written off since 1946, showing in each case the date, the amount, the relevant legislation, and the total amount of interest or other payments so far forgone by the Exchequer in consequence.

§ Mr. William Rodgers
Following is the information in the same form as in Table 1 of Command Paper No. 3437, showing the present financial objectives of all public corporations; and if he will also publish a table comparing the actual performance of the industry with the objective then 261W prevailing in each year for which such objectives have been set under Command Paper No. 1337 and Command Paper No. 3437;
(2) if he will publish in the OFFICIAL REPORT details of all Exchequer grants to public corporations in each year since 1946, showing separately grants to meet deficits and grants for other purposes.

§ 119. Mr. Humphrey Atkins
asked the Chancellor of the Exchequer if he will publish in the OFFICIAL REPORT figures of nationalised industries' financial results in 1967–68 and 1968–69 comparable with those given in Tables 3 and 4 of Command Paper No. 3437; and if he will also publish in similar form a table showing the actual financial surplus or deficit of

Industry Objective Period Covered

Post Office Corporation:

(i)Postal Services To achieve a surplus equal to 2 percent. of total expenditures as defined in Statements A on the 1966–67 Accounts 1968–69 to 1972–73

(ii) Telecommunications 8½ per cent. net^* 1968–69 to 1972–73

(iii)National Data Processing service 8 per cent. net^* 1968–69 to 1971–72

National Coal Board To earn revenue not less than sufficient for meeting all outgoings properly chargeable to revenue account 1969–70 to 1970–71

Electricity Boards (England and Wales) To earn a return of 7 per cent. after depreciation on average capital employed. 1969–70 to 1973–74(A)

Gas Boards To earn a return of 7 per cent. after depreciation on average capital employed. 1969–70 to 1973–74(A)

British Overseas Airways Corporation 12½ per cent. net^* 1966–67 to 1969–70

British European Airways Corporation 8 per cent. net^* 1968–69 to 1971–72

(Subject to review in a years time

British Railways Board Each of these bodies has the statutory obligation to secure that the combined revenues of the authority and of its subsidiaries taken together are not less than sufficient to meet their combined charges properly chargeable to revenue account, taking one year with another.

London Transport Board

British Transport Docks Board

British Waterways Board

Transport Holding Company

National Freight Corporation

National Bus Company

Scottish Transport Group

Discussions are in progress in the case of the North and South of Scotland Electricity Boards, the British Airports Authority and the British Steel Corporation. The information about the financial results, including grants received, can be found in the annual accounts of the nationalised industries. I regret that the other information sought is not readily available.

^*Income before interest but after depreciation at historic cost expressed as a percentage of average net assets.

Industry	Objective	Period Covered
Post Office Corporation:
(i)Postal Services	To achieve a surplus equal to 2 percent. of total expenditures as defined in Statements A on the 1966–67 Accounts	1968–69 to 1972–73
(ii) Telecommunications	8½ per cent. net^*	1968–69 to 1972–73
(iii)National Data Processing service	8 per cent. net^*	1968–69 to 1971–72
National Coal Board	To earn revenue not less than sufficient for meeting all outgoings properly chargeable to revenue account	1969–70 to 1970–71
Electricity Boards (England and Wales)	To earn a return of 7 per cent. after depreciation on average capital employed.	1969–70 to 1973–74(A)
Gas Boards	To earn a return of 7 per cent. after depreciation on average capital employed.	1969–70 to 1973–74(A)
British Overseas Airways Corporation	12½ per cent. net^*	1966–67 to 1969–70
British European Airways Corporation	8 per cent. net^*	1968–69 to 1971–72
	(Subject to review in a years time
British Railways Board	Each of these bodies has the statutory obligation to secure that the combined revenues of the authority and of its subsidiaries taken together are not less than sufficient to meet their combined charges properly chargeable to revenue account, taking one year with another.
London Transport Board
British Transport Docks Board
British Waterways Board
Transport Holding Company
National Freight Corporation
National Bus Company
Scottish Transport Group
Discussions are in progress in the case of the North and South of Scotland Electricity Boards, the British Airports Authority and the British Steel Corporation. The information about the financial results, including grants received, can be found in the annual accounts of the nationalised industries. I regret that the other information sought is not readily available.
^*Income before interest but after depreciation at historic cost expressed as a percentage of average net assets.