STATE OWNERSHIP.

Grey River Argus, 11 January 1928, Page 5

STATE OWNERSHIP.

OF COAL MINES. Labour’s New Policy. RESTORATION OF SEVEN HOURS DAY. (Aus. and N.Z. Cable Assn). LONDON, January 9. The Gazette states that a group of Labourites presented a new coal policy to Mr MacDonald, involving a complete volteface regarding nationalisations, giving prominence to State ownership without control. The policy includes the State acquiring all coal minerals and royalties by the issue of 260 millions sterling bonds to the public, on which dividends of sixteen million will be payable annually after three years, during which the profits will be devoted to unification, and the restoration of the seven hours day. The State would appoint a mining corporation, comprising ten business men, coal owners and trades union leaders, receiving each £lO,OOO yearly, who should control the industry and effect the amalgamations and unification, working in conjunction. This Council’s proceedings would be debated by Parliament annually. The Labour Party considers the scheme on January 20. It is expected to bo adopted.