British Coal Mines
NEW LABOUR POLICY SUGGESTED
State Ownership Without Control
By Cable.—Press Association.—Copyright
Received 9.§ a.m. LONDON, Monday. THE WESTMINSTER GAZETTE” states that a group of ■1 Labourites has presented a new coal policy to Mr. Ramsay Macdonald, Leader of the Labour Party, involving a complete volte face regarding nationalisation of mines, and giving prominence to State ownershin without control.
The policy includes the State acquiring all mineral royalties by the issue of £260,000,000 in bonds to the public, on which dividends of £16,000,000 would be payable annually after three years, during which the profits would be devoted to the unification of the mines and restoration of the seven-hour day. The State would appoint a mining corporation comprising ten business men, coal-owners and trades union leaders, receiving each £IO,OOO yearly, who should control the industry, and effect amalgamation and unification
working in conjunction with a consumers’ council. The proceedings would be debated in Parliament annually. The Labour Party consider the scheme on January 20. It is expected that it will be adopted.—Sun.
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Bibliographic details
Sun (Auckland), Volume I, Issue 248, 10 January 1928, Page 1
Word Count
173British Coal Mines Sun (Auckland), Volume I, Issue 248, 10 January 1928, Page 1
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