Finances and Economics of the Nationalised Industries
Before the Second World War the industries working under public ownership, such as the Central Electricity Board and the London Passenger Transport Board, had to find their own capital without the help of a Treasury guarantee. In the case of the London Passenger Transport Board this applied even to the stock required for compensation to the owners of the assets taken over by the Board. At the time Mr Morrison stressed the fact that he was not calling on the Exchequer to underwrite the capital of the new Board; he displayed some pride in this form of independence which he abandoned in the post-war nationalisation schemes.
KeywordsWhite Paper Financial Objective Capital Expenditure Coal Industry Capital Development
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