§ Mr. Dormandasked the Secretary of State for Trade and Industry if he will state the amount of interest paid to the former coal owners for each year since the mines were nationalised.
§ Mr. RidleyCompensation to former mine owners was satisfied partly by cash (£49.8 million) and partly by the issue of Treasury stock of nominal value £262 million. In addition, during the period between vesting date and completion of compensation in 1956–57, interim payments representing the interest on unsatisfied compensation were made as follows:
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Year Interest £.m. 1947–48 9.0 1948–49 13.2 1949–50 8.2 1950–51 6.4 1951–52 4.4 1952–53 2.9 1953–54 4.6 1954–55 7.9 1955–56 6.0 1956–57 0.6 The present holders of the Treasury stock are not necessarily those to whom it was issued originally. I have no information about the present ownership of stock and it is therefore not possible to state the amount of interest paid to the former coal owners. However, since the first issue of stock in 1950, the following interest payments have been made to stockholders:
Year Interest £.m. 1950 0.3 1951 2.1 1952 4.0 1953 5.8 1954 7.6 1955 8.7 1956 9.1 Each year 1957–1970 9.2 Until 1965 the National Coal Board reimbursed the Government for costs in connection with the issue of compensation. Since the reconstruction of the Board's capital in 1965 the costs have been carried by the Government.