COAL INDUSTRY

Evening Star, Issue 25672, 21 December 1945, Page 5

COAL INDUSTRY

BRITAIN’S NATIONALISATION BOARD OF NINE MEMBERS OPENING CAPITAL £l5O MILLIONS (Rec. 10.5 a.m.) LONDON, Dec. 20. The Coal Industry Nationalisation Bill, published to-day, will bring the whole coal industry, including various enterprises directly associated with it, under public ownership and control through a National Coal Board of nine members. The Bill provides for the nationalisation of mines, colliery coke ovens, manufactured fuel plants, colliery electricity plants, colliery transportation works, colliery merchanting property andi welfare. The board will be granted the exclusive right of working and getting coal in Britain. It is directed to secure the efficient development of the coal > industry and to make adequate compensation, which will be referred to a special tribunal. The tribunal is directed to determine the round sum required to pay fair compensation. It must not make allowances either because acquisition is compulsory or because the distribution of compensation among the owners involves expense. Coal will be subject to the general direction of Mr Shinwell on matters appearing to him to affect the national interest. The Minister will he advised on matters affecting sale or supply by two councils representing industrial and domestic consumers, which will also he set up under nationalisation. The capital the board needs will be provided from sums advanced by the Minister, aggregating £150,000,000 for the first five years after the > commencement of ,the Act. In addition the board can borrow temporarily a maxi-, mum of £10,000,000. No member of Parliament may be a member of the board.