asked the Secretary of State for Transport what financial objective has been set for the British Transport Docks Board.
I have agreed with the British Transport Docks Board that it should aim to achieve a return of not less than 20 per cent. on average net assets by 1980 after provision for historic cost depreciation but before tax, interest and additional depreciation. This compares with the 15½ per cent. return on net assets which it earned in 1976. To meet the financial objective it will be aiming to improve the rate of return by approximately 1 per cent. per annum up to 1980.