§ Mr. Nobleasked the Secretary of State for Scotland in view of the fact that the liabilities of the Forestry Commission are £320 million in round figures for 1966–67, what is his estimate, assuming 123W the existing planting programme, of the deficit for 1976–77; what rate of interest is charged on the deficit; and when he estimates that the account will balance.
§ Mr. RossAfforestation is a very long term investment which cannot produce a full return for perhaps half a century. The £320 million is not a deficit, as implied, but represents the capital employed (including accumulated interest) in the forestry enterprise. The estimated corresponding figure for 1976–77 is £794 million. The current rate of interest in the Forestry Commission's account is 9⅛ per cent.