Coal Royalties (Compensation).

Oral Answers to Questions — National Finance. – in the House of Commons on 2nd June 1942.

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Photo of Mr William Thorne Mr William Thorne , West Ham Plaistow

asked the Chancellor of the Exchequer when the ownership of coal royalties passes to the Government what will be the estimated annual income; what will be the amount of compensation to be paid to the coalowners; and in what way will compensation be paid?

Photo of Sir Kingsley Wood Sir Kingsley Wood , Woolwich West

The estimates of royalties on which compensation was based were just over £5,000,000 gross, and just under £4,250,000 net, both figures being before deduction of Income Tax. It is impossible at present to make any reliable estimate of the future income of the Coal Commission. At the vesting date it is likely to be rather below those figures. The compensation, excluding subsidiary coal hereditaments, is fixed at £66,450,000, and will be paid in cash.

Photo of Mr William Thorne Mr William Thorne , West Ham Plaistow

Are they going to invest it in War Loan?