NEW COAL POLICY

Dominion, Volume 21, Issue 87, 11 January 1928, Page 10

NEW COAL POLICY

OF BRITISH LABOUR LEADERS

PRESENTED TO PRIME MINISTER

STATE TO ACQUIRE ALL ROYALTIES

CORPORATION TO CONTROL INDUSTRY

BY TELEGRAPH. —PRESS ASSOCIATION, Copyright.

London, January 9.

The “Westminster Gazette” states that a group of Labourites have presented a new coal policy to Mr. Ramsay MacDonald in* volving a complete volte face regarding nationalisation and giv* ing prominence to State ownership without State control.

The policy includes a proposal that the State acquire all coal and minerals royalties by the issue of £260,000,000 bonds to the public. On this amount dividends of £16,600,000 will be payablb annually after three years, during which the profits will be devoted to the unification of the industry and the restoration of the seven-hour day The State would appoint a Mining Corporation comprising ten business men, coal owners, and trade unionist leaders, receiving each £lO,OOO a year, who would control the industry, effect amalgamation and unification of working in conjunction with a Corftumers’ Council. The proceedings could be debated in Parliament annually.

The Labour Party will consider the scheme on January'2o. It is expected that it will be adopted.—Sydney “Sun” Cable. i