Coal and Gas (Capital Expenditure)

Oral Answers to Questions — Ministry of Power – in the House of Commons at 12:00 am on 28th November 1960.

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Mr. Gresham Cooke:

asked the Minister of Power what proportions of the capital expenditure programmes up to 1961–62 of the National Coal Board and Gas Council, respectively, will be met out of the internal resources of the boards.

Photo of Hon. Richard Wood Hon. Richard Wood , Bridlington

I must ask my hon. Friend to await the White Paper on borrowings which will be published in the spring and will give information about 1960–61 and 1961–62.

Mr. Cooke:

If the White Paper on the investment programme is to be followed, it would appear that the National Coal Board will be able to finance only a small proportion of its capital expenditure. Does not this indicate that the closest scrutiny of its capital expenditure is needed, particularly in view of the case reported this morning of a power station, built in Derbyshire at a cost of £500,000, which is to be pulled down after six weeks of use?

Photo of Hon. Richard Wood Hon. Richard Wood , Bridlington

I certainly think that it is very necessary for us to pay great attention to these affairs, but it is impossible to work out the problems of self-financing until rather more information is available. I hope that it will be available by the time of the spring White Paper.