Docks Board (Financial Objective)

HC Deb 29 January 1970 vol 794 cc403-4W

Mr. Ellis

asked the Minister of Transport whether a financial objective for the British Transport Docks Board has yet been settled.

Mr. Fred Mulley

In view of legislative proposals for the reorganisation of the ports industry, it would not be appropriate to set a target for the Docks Board for a period of years ahead, as is customary in the public sector. A financial objective has therefore been settled for 1970 only, under which the British Transport Docks Board is to earn a surplus, after "historic" depreciation, of £7.1 million in that year before paying interest—estimated at £5.7 million. This level of profitability is consistent with the highest return on net assets employed that the Board have achieved since it was set up and will enable it to make a significant contribution to the substantial new capital investment which they are undertaking.