§ Mr. Cockcroftasked the Secretary of State for Industry when he expects to publish the White Paper in response to the Carter Committee's Review of the Post Office.
§ Mr. Les HuckfieldThe period of public consultation on the Carter Report ended in December 1977 and all the comments received from interested parties are
484Wnow being examined. We expect to publish a White Paper later this year.
§ Mr. Michael Marshallasked the Secretary of State for Industry, pursuant to his reply to the hon. Member for Arundel, Official Report, 16th December 1977, column 561, if he will give financial details for the years 1969–70, 1970–71, 1972–73, 1973–74 and 1974–75 when the Post Office's postal business made negative returns on net assets.
§ Mr. Les HuckfieldFinancial details of the postal business for each of these years were published in the Post Office Report and Accounts. These have been laid before the House.
§ Mr. Michael Marshallasked the Secretary of State for Industry, pursuant to his reply to the hon. Member for Arundel, Official Report, 16th December 1977, column 561, why interest costs are still excluded from the Post Office's present target rate of returns on the telecommunications business of 6 per cent. on net assets; and if he will further define "historical and supplementary depreciation", column 562.
§ Mr. Les HuckfieldThe financial target for Post Office telecommunications is expressed as a rate of return on net assets before interest, since this is a measure of how well the business has managed its resources, irrespective of how those resources are financed. Historic and supplementary depreciation are defined in Notes VI(2) and VI(3) on page 39 of the Post Office Report and Accounts for 1976–77.
§ Mr. Michael Marshallasked the Secretary of State for Industry, pursuant to his reply to the hon. Member for Arundel, 485W Official Report, 16th December 1977, column 561, why no financial targets of any kind have been sent for the Post Office's telecommunications business for the years 1973–74 to 1975–76, inclusive.
§ Mr. Les HuckfieldIn the years mentioned the financial results of Post Office telecommunications, as of other nationalised industries, were distorted by the price restraint policies initiated by the previous Conservative Government. It would not have been appropriate to set a financial target which the business was effectively prevented from achieving.
§ Mr. Michael Marshallasked the Secretary of State for Industry, pursuant to his reply to the hon. Member for Arundel, Official Report, 16th December 1977, column 561, why no financial targets of any kind have been set for the Post Office's postal business since 1974.
§ Mr. Les HuckfieldNo useful purpose would have been served by fixing a financial target for the postal business during the period when it was having to overcome the large financial deficits caused by the price restraint policies of the previous Conservative Government. However, now that the business has been re-established on a sound economic basis, discussions are in hand with a view to setting a new financial target. I expect an announcement will be made in the near future.