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Colliery Companies (Compensation)

Volume 463: debated on Thursday 7 April 1949

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70.

asked the Minister of Fuel and Power approximately when he anticipates compensation will be paid to colliery companies for the assets taken over by the Government over two years ago.

Final completion of valuation and full satisfaction of compensation in every case is unlikely to be achieved before 1952. Meanwhile substantial partial satisfaction is contemplated wherever possible.

Is the Minister aware that tens of thousands of investors, principally small investors, will be deprived of their incomes on their investments, and will he reconsider his decision and see if something can be done to meet the hard cases which will inevitably arise?

Is it too late to carry out a policy of retrospective disinflation of this huge sum?

71.

asked the Minister of Fuel and Power whether since it is anticipated that it will be some years before full compensation can be ascertained and paid to colliery companies for the assets taken over in January, 1947, he will consider extending interim income revenue payments.

My right hon. Friend cannot hold out any prospect of extending revenue payments on the present basis but he is considering the possibility of making advances on account of the interest which will become payable on the compensation payments when they have been settled.

In view of the gravity of the situation in respect of so many shareholders, will the hon. Gentleman do his utmost to expedite a decision?