§ Mr. Michael Lathamasked the hon. Member for Kingswood (Mr. Walker), as representing the Church Commissioners, why the Commissioners do not invest in companies operating wholly or mainly in newspapers, publishing and broadcasting, theatres and films; when this policy was originally adopted; and on whose recommendation.
§ Mr. Terry WalkerThe Commissioners do not invest in companies operating wholly or mainly in newspapers, publishing and broadcasting, theatres and films because, by their very nature, they are bound from time to time to express con-504W troversial opinions and liable to be used as a vehicle for pornographic or otherwise objectionable material. These areas of exclusion were decided upon by the Commissioners' Board of Governors in July 1972; but newspapers had been excluded areas of investment since the Commissioners first invested in equities in 1948.
§ Mr. Michael Lathamasked the hon. Member for Kingswood (Mr. Walker), as representing the Church Commissioners, what was the total investment income (a) before tax and (b) after tax of the Church Commissioners for each of the years 1966 to 1975, inclusive, and what proportion of each of these figures was spent on salaries and administration costs.
§ Mr. Terry WalkerThe Church Commissioners are exempt from tax on their investment income. Their total gross investment income and the amount, expressed as a proportion of this income, spent on salaries and the costs of carrying out a wide range of administrative functions—including functions relating to clergy houses, and glebe, pastoral reorganisation, redundant churches and the Central Stipends Authority—for each of the years 1966 to 1975 was as follows:
Investment income (gross) Expenditure on salaries and cost of administrative functions, expressed as a percentage of Column 1 £ million Per cent. 1966 20.1 4.1 1967 20.6 4.1 1968 20.7 4.7 1969 21.8 4.5 1970 23.0 4.6 1971 23.9 4.9 1972 25.6 5.6 1973 27.1 5.9 1974 29.1 5.7 1975 31.1 6.7