(c) crown copyright Catalogue Reference:CAB/24/179 Image Reference:0006 C O N F I D E N T I A L LIBRARY, (THIS DOCUMENT I S THE PROBERT S.E C R E T . CP. 107 (26)., The p r o p Qs ed h a t 1 on a I i s a t i or. o f r-oja 11 i e s . - Memorandum b y S e c r e t a r y The r e c o m m e n d a t i o n property working day, i n all c o a l or n o t , and t h a t should vest subject a deduction later). it now known t o present, workable compensation. refrain for from trouble in and p a r t l y the exist, or lies will vest in is out In valuation The r o y a l t i e s particular or f o r order the of This State some o t h e r is total estimated anticipated that, a 5% b a s i s the profit loss. nor coal cost of if the transaction to than i s the r- r c h a s e Stock will was of to either to issued the goon worth retreat buying, In case anticipated. Secretary Is at Inserted put now because without by a " C o a l Involve Is coal not be (e.g, vrtiich w i l l a line t o be a d m i n i s t e r e d will State of reason i s t o k e e p open a p p o i n t e d b y and r e s p o n s i b l e The areas of value, the S t a t e might n o t . b e pixrchasing issue b e l o w what the in particular deduction provision p r o v e d much h i g h e r are on a market to the whether has no v a l u e t o be g i v e n altogether. that (This 5%. that (by the their that purchasing order State for at is minerals, coal level) and e x p e n s e be w o r k e d of The Power a time o r partly in the or A n n u i t i e s ) explained not Commission they should be p a i d Stock Is the Mines. and a s s o c i a t e d Government to of for Commission" for Mines * £ I C O , 0 0 0 , 0 0 0 . and in the payment State In is it on neither The c o n s i d e r a t i o n s that recommend n a t i o n a l i s a t i o n l e n g t h on p a g e s in vhich t h i s themselves examined policy with developed is a simple for Department. It memorandum of . last escaping objections about arising memorandum i n a course. Board o f conclusion that, for even to acquisition, adopted the difficulties, after the same conclusion. The p r o p o s a l s from a l l of the this a Mines part of and the the and a coal of (very The with favour Department In can be the the present is simultaneous to of the policy is to facing up to policy of It only was possible reluctantly) vary t h a t h a v e been to d e v i s e d which than every Commission to and c o n s u l t a t i o n the in minerals". of either such confusion all purchase" of stated sort possibilltie or b o t h . Inclined to other of acquisition sound a l t e r n a t i v e schemes into a nationalisation arrived of preferred". scheme forced examination Commission of be detail objections acquisition that respect form this "if risks a prolonged of confusion, reasons of I s no to are both t o go examination, greater and t h a t there simultaneous in gradual the not content of attached simple Inland Revenue, no scheme be of "a original memorandum, open of But f u r t h e r manner 15 months a g o and c i r c u l a t e d or t o undeveloped its Is version examining out at exhaustively Commission by t h e expense, a process coal a copy i s out they purchase, coal, to the and " o n b a l a n c e probably wish the set out, they have scheme o f July, are As t o carried a revised from, the by a p p l y i n g developed is written Cabinet the t o be themselves, before Commission the R e p o r t . that will the royalties and t h e u n d e v e l o p e d memorandum put the of alternatives t h e Government question of saying several opinion that As 77-79 led in a alternative at one the important considered hitherto It has always justify b e e n assumed t h a t the n a t i o n a l i s a t i o n grounds u n l e s s existing of (subject where the Otherwise the ownership obviously coal already Commission to leased, (p. 82) to vary or them f o r to their It point proposals is at general the present scheme for pi-esumably, This is a. p o i n t a later be of of the insuperable. will very of of acceptance need leases necessary effect into this Commission s the 1 royalties of need i t s every careful proposal that Inland Revenue, those From t h e There will right, the cost of without The p r o p o s e d money r e p r e s e n t s if the are have detail, consideration the oa"ling the of liability the Treasiipv Departments view great, of but the will­ Mines cannot be additions Comrni s s i on ' s f o r e c a s t on t h e deduction of affect t o be h e a v y administration s h o u l d be i m p o s e d to point difficulties but e v e n t u a l l y , can be met f r o m b% f r o m the which t h e upon r o y a l t y Miners' Welfare to is the taxpayer. Fund; purchase Commission owners to equivalent annual contributions will have t o be made b y out the r o y a l t i e s that they acquire . of of The giving go f u r t h e r Acceptance t a k e n as staff, contribute to of case amalgamations. this advise. Department, consider may be purpose furthering stage. it it. run. existing right stage. and t h e Board royalties the as a State in the the n a t i o n a l i s a t i o n that 0­' a s p e c t s no doubt far perhaps unnecessary not, at for so for leases that cancel and t o claimed as t h e to to practical required obtained contemplate except cancel are be so l o n g must be p r e s e r v e d State Interest that cannot the impossible on any compensation, national advantages w o u l d be royalties pov-er was g i v e n t o leases appeal) of it the State This, proposal is likely t o be t h e ground t h a t it may r e c e n t l y the vendor, his moral subject some c r i t i c i s m unjust when a p p l i e d have bought coal who i s that really local the to aid works h i s and u n j u s t to of is obligation population value, subject in that rates) is for minerals" Scotland (where treated in Commission w e r e n o t Impressed by a principle sound must n o t adoption might lead In be r e j e c t e d t o a few h a r d G. R . Department, March 1 0 t h , 1 9 2 6 . this "neglected the the full royalties this The while of obtains (where essentially who well-being and W a l e s that persons who has same way as E n g l a n d holding the value, the criticism, Mines full person the to on matter they are line of itself because cases. LAKE-POX. Its are In not). AHjtjSK TO, C P . 107 (26). g k STATE HJfiOHASJJS OF ROYALTIES . SSNffiAL. CoiriinoD f e a t u r e s 1. The f o l l o w i n g any p r o p o s a l (l) "are for of a l l p o i n t s may he r e g a r d e d the n a t i o n a l i s a t i o n The m i n e r a l s t h a t (a) coal Ironstone, and (b) shale, worked w i t h c o a l , (2) The r i g h t s (a) are damage) or capable, that are agreement in owner (a), coal so f a r severed coal to of the r i g h t enter' land The a c q u i s i t i o n and to an o b l i g a t i o n But there appeal) is (4) in to Persons to (5) " compensation Compensation for enjoyed by the paid; present lease); including all shaft-leaves; search f o r subject leases to ooal and p o w e r existing to working leases, proprietors. t o compensation grant do to fresh and ones whore so. are'to be u n d e r o r d e r ' to. e s t a b l i s h in coal the market v a l u e of Is let for the a right or being on the basis compensation. worked by t h e p r o p r i e t o r of to is own c o a l t o make c l a i m s (subject before and interest to ownership by (subject leases claiming coal.' purpose. to grant terminate are are: underground, t o be t o be a power the n a t i o n a l obligation is worked W i t h w a y l s a v s s and this as they t h i s may be w a i v e d , b o r e and for stratified compensation the r i g h t s access to (3) is of t o any e x i s t i n g the r i g h t acquisition w i t h the r i g h t together as of (evg. the a b s o l u t e or a r b i t r a t i o n (subject being (on payment e x i s t i n g underground (d) of t o be a c q u i r e d lease) surface except subject i n so f a r etc.) in royalties'. t o be the fireclay to any e x i s t i n g down t h e of fundamental as associated minerals in unsevered (b) o f n a t i p rial l a a t i o n . schemes at present in l e a s e to be assessed the r i g h t s ' -1­ t o be acquired. it (6) Compensation is to be p a i d by t h e issue of Government securities. On t h i s groundwork alternative 2. schemes, Simultaneous contemplates and. a s s o c i a t e d will vest that at present current Crown; being (if not of Objections difficulties country are of the to n are it would of land-owners, or w r o n g l y , of land, changes great, a mining large there frosh The huge individuals political of lease for the at as his all with its State will every the l e s s o r ' s ownership of scheme. n and all The the rights the ­ in a limited the claims small, was c o a l to debt task.. is sums t h a t would would of have numbers rightly small to plots some be undertaken to be paid furnish for involving vast To c r e a t e not a course The n e c e s s i t y in the country, their the public time, of in insuperable,. who t h o u g h t , under administrative coal from p r i v a t e of in compensation attack. equally t h o u g h no d o u b t n o t examination that in undeveloped, coal, that so f a r simultaneous would be a g i g a n t i c £100,000,000 lightly the policy e x i s t i n g l e s s o r "in from To make a c o m p l e t e v a l u a t i o n as and be p a i d a n y scheme i n w h i c h very This surface K simultaneously ownership several day t h e p r o p e r t y will the up detail. unworked (in derived in all, opal. a n y ) ^ and for to b uild developed worked, c o a l mining l e a s e minerals, of that be s u b s t i t u t e d and o b l i g a t i o n s 3" differing minerals, market v a l u e forthwith possible on an a p p o i n t e d coal in the is acquisition that present it a ground examining s e p a r a t i n g what to some for every coal relates T h i s o f c o u r s e means t h a t c o a l w h i c h i s n o t now known t o e x i s t w i l l b e a c q u i r e d f o r n o t h i n g . to the m i n e r a l s an easy task.) tionship from of between what r e l a t e s adjusting the l e s s e e , the ex-royalty owner the conditions under which held by t h e problem owner'the of t h a t would be 4. all first the magnitude. and of always an staffs rela­ lessor, and ascertaining of.severed coal is administrative The l a r g e would n o t of temporary the Inland additions , Revenue commend t h e m s e l v e s to opinion. of gradual nationalisation. a n y scheme o f nationalisation process be would that arise undeveloped are (not State as mineral presents to the surface t h e new t r i p a r t i t e each p a r c e l this necessary Possibility tions each as S u r f a c e l e s s o r , and t h e M i n e s D e p a r t m e n t public in t o "the free in and these an a t t e m p t minerals different, from that is to apply to a The this now b e i n g necessary there, substituting objections. and m i n e r a l s it by Is gradual considera­ principle worked examine the then, to respectively two separately. UND aVELOPBjJ MIN.SRALS 5. Time of a c n u l s i 1 1 pn,..o,f undeveloped..minerals,. None of sight - t h e arguments t o make i t the p r o p e r t y t h e y should There necessary in a l l be a c q u i r e d a lease fied the p r o p o s e d that of the State It when t h e y a r e a b o u t simplicity of lay-out as i t for the minerals, area. to be fit. would It to acquire that developed. this sort. apply if would WOTIIO. a t compensation t o be made w i t h i n of one, first enough The S t a t e , was a p r o p e r for is about a p l a n thought claims seems a t immediately minerals. a particular on such t e r m s same t i m e a d v e r t i s e owners for a n y o n e who w i s h e d t o w o r k a n y c o a l State for a lease nationalisation undeveloped i s an a t t r a c t i v e Under i t for from to the satis­ grant the the a certain date, and fT pay them i n G o v e r n m e n t their currency, b e met (6) out of (guaranteed the State of the i n t e r e s t course by t h e : petuate to do private acquired nothing for suggested - value is effect, if those to The ,"poe 1 and undeveloped of of acquires State whose c o a l do n o t during would it of undeveloped their device for overcoming worth quoting full. 0oal the Their to per­ to no a p p r e c i a b l e (very probably) get may b e r e q u i r e d in the is for at h a v e any - t h e t i m e when that he c a n o n l y lease be value, the way will its realise it. acquiring.undeveloced and P o w e r " minerals but in he must n o t n minerals. gradually just change n c o a l were know t h a t t h e y Powor". p r o p o s a l acquisition is the it; The a u t h o r s to destroy would The o n l y miners I s o in all value for by s e l l i n g Exchequer) undeveloped have any, who full If not whose c o a l everyone greatest. that value (7 ) But above, even in those know t h e y iti entitled is, ownership^ outright, or who do n o t future this on w h i c h , royalties. Sffpot,,, o f . d e f e r r i n g . h o . h u i s i t i p n . ; o f But be securities, m favoured on g r o u n d s difficulty of economy, referred recommendations gradual and t o above were as is follows:­ "Vve p r o p o s e ( i ) t h a t a l l l a n d - o w n e r s e h o b e l i e v e t h a t m i n e r a l s l i e u n d e r t h e i r l a n d s h o u l d be e n t i t l e d , for a p e r i o d , s a y , o f f i v e y e a r s , t o make b y way o f a n t i c i p a t i o n a c l a i m f o r c o m p e n s a t i o n , t o become e f f e c t i v e i n the event o f the m i n e r a l s b e i n g taken over; ( i i ) t h a t i f no c l a i m be l o d g e d w i t h i n t h e s t i p u l a t e d p e r i o d t h e r i g h t t o make a c l a i m f o r c o m p e n s a t i o n should l a p s e ; ( i i i ) t h a t a l l such c l a i m a n t s s h o u l d b e r e q u i r e d t o a s s e s s t h e v a l u e o f t h e i r own m i n e r a l r i g h t s , w h i c h a s s e s s m e n t s should b e r e c o r d e d w i t h t h e I n l a n d Hevenue D e p a r t m e n t f o r t h e p u r p o s e of e s t i m a t i n g t h e death, d u t i e s and o t h e r t a x a t i o n due from the e s t a t e s to which they r e f e r ; ( i v ) t h a t t h e S t a t e s h o u l d bo empowered t o t a k e o v e r t h e m i n e r a l s c o n c e r n e d , o r any p a r t o f them, a t a n y t i m e , a t t h e v a l u a t i o n p l a c e d on them by t h e l a n d ­ at a valuation o w n e r , o r , a t t h e o p t i o n o f the S t a t e t o be d e t e r m i n e d by a r b i t r a t i o n . i OP,1,6,0lop3 8o proposal for is,' in fit to time, it; should but at minerals is to (37- before find the the l\ length for z years. value that immediately years for Thus c o a l adopt the price of 9. payable elapse to working (z years) and an a n n u i t y cf In the ( o n a 10p would is have divided is £x f o r if by it two likely then y basis) were for about every t o be deferred. value is is likely cento But value at not of what to be worked i n terms a deferred, a future time as is will for value of unless payment. benefit some f u t u r e interest years the present a contradiction an i m m e d i a t e , that b e n e f i t not of to years its t h e v e n d o r w i t h compound never be likely result the to of than 1 per present (fix), cent which implies likely value SO p e r and it royalty £ 0 then, annuity full undeveloped for be deferred valuing t o be worked than a of years likely now l e s s less many possibly that not worth coal - is working is 50 y e a r s , of worked is compensation, that coal which the which time it thinks not at is paid that the p a r c e l probable This be State come i n t o w o r k i n g of value the of method royalty commencement the present t o be the should (provided time of date the when t h e y the present deferred value recognised during whith years) acquired t h e amount estimate the minerals period that seme p r e v i o u s New t h e compensation at whatever he t h e before,. of that minerals registered) acquire however, of Power",; p r o p o s a l . w effect, each p a r c e l has t e e n t h e - O - o g l and to To the to purchase credit on a sum t h a t he has received, Deferred, c o n f i s c a t i o n same o b j e c t i o n coal at *value a t is a. f u t u r e that of undeveloped applicable date a t date. Ail to any scheme something l e s s such schemes minerals. for than amount acquiring its in The market effect to deferred confiscation. confiscation to adopt period it and t o 50 y e a r s ) w i t h o u t c c-^pensatiun and reduction market v a l u e The o n l y e s s e n t i a l 10. A register is to market v a l u e at the basis the perpetuating require after owners t o the p a s s i n g when t h e i r istered ensuring is that acquired exist, of coal coal. or suspicion would b e p a i d of he r u l e d time the State a progressive­ this and cut, If register of of coal private of to is but and c o o l in full.would This in fact it have t o ' b o a penalty any "Cos 1 and Or. b y b o t h . costs Power") coal The ' com'pi l a t i o n and unreg­ of present by for State whether commodity against taking as a basis of value, system giving- the question t o award if grounds under the time a market po.ssb.qs a m a r k e t a b l e suggested.in at to known-to there are m i g h t b e d o n e by is for Obviously, to a r b i t r a t i o n prevented full to e x i s t to give scheme r e a d y way which i s of which full a certain t o pay n o t h i n g n o t known strong can be p a y them i n ­ accepted. ownership claims within the Act, "Goal then, d e f e r r e d the a l t e r n a t i v e of undeveloped system follow. the i n which a the would disguise. put by t h e c l a i m a n t . on. h i s death d u t i e s . State­ automatically between the a r b i t r a t o r , power Or ( a s the value did the 11 ar p e a r s, there to take certain o n l y way, sufficiently the r i g h t a must be the existence for in simpler acquisition nothing, claims.. him.. then of deferred of c o a l which frivolous and g i v i n g rest T h a t w o u l d b e a r o u g h and registration the claimant would is acquired, for for would after market v a l u e ; absence gradual a c q u i s i t i o n from that - is of at of w o u l d h e much of undevelpned...coal. confiscation On t h a t coal difference scheme it i n t h e meantime it in wanted principle announce all buy any c o a l and P o w e r " the i s - t o be a d o p t e d , openly (say If for a. r e g i s t e r o.f u n d e v e l o p e d provided' that not coal the undertaken But by would b e troublesome but initiative was I m p o s e d on t h o pointed 11. Time plan out i n of is open the nest acquisition to sorious of of acquisition as to undeveloped to cheese o f making t h e between register, title either and In with of the practical the terms but it of ease coal could coal nay, t o pay tions a lease coal with the l e a s e but of (b) favour the whether for the and/ the State it not of and then, The gradual be summed little, lies looking if in into the A policy the State would justified those need itself carrying equity, -- out to would terms knew be applica­ of the of the H e r e a l s o -the b a l a n c e The " g r a d u a l " First State, the it from b o g u s the settle in buying it to money, acquisition. the of lead terms u n t i l Moreover, in advantage c o l l u s i o n w i t h t he owner cf making T h i s must be done d e v e l o p m e n t would was anything, questions for t h e pur-chase of administrative policy. protect on two g r o u n d s . . mercy is working ooah to made i n simultaneous at that before securing open t o a t t a c k coal ultimate when r i p e object In point of claims, compensation. of the difficulty not w i s e l y - s e t t l e for for The the difficulty difficult the -- sunimar.y. acquisition In there the- " s i m u l t a n e o u s " a lease had change two, assessing acquisition coal, the examining ease, clearly what simultaneous Ig.,.,PQiat^fif ; Q o n y e n i e n q e - difficulty is that follows: (a) of applied objections undevelopefl.. c o a l advantages the claimant, paragraph. comparative up a s practicable,, the- S t a t e - . . even t h i s are quite it places who can the is in policy is owner of determine when c o a l is t o be w o r k e d , geographical of policy of some o w n e r s and a d v e r s e l y unregistered owners. the Pinance utmost give disfavour relief if ( ) shows t h a t the can f i n d in the long markets But the a liability t o meet it. Power" gave policy is proposed This for to in the be a p p l i e d policy to royalties to for the for i n payment for administrative is of both developed as always so. policy is some coal the cheaper than top authors of too. coal is of the that from i t whole "Coal and a :But" i f (as be "gradual acquired by t h e S t a t e of the and u n d e v e l o p e d it revenue one i f to to everything any c o r r e s p o n d i n g coal the the theoretically a strong received service expenses doing each at developed the issued for acquires the developed "simultaneously" be s u f f i c i e n t and w i l l has t h e d i s a d v a n t a g e and i t and P o w e r " ) and look with although State without it, glaring probably prove reason that rejecting "Coal it would Courts sort, for, favour administration simultaneous transactions, on t h e is The in registered t o buy s o m e t h i n g l e s s simultaneous imposes run, it than piecemeal this (since in practice outright of the any l o o p h o l e expense. s h o u l d be more e x p e n s i v e subsequent as b e t w e e n 1909-IO upon a n o m a l i e s cheapest "buy e v e r y t h i n g arise particular Secondly, of they unnecessarily), in to others. ' experience 1 probably to a can change v a l u e s The ££Jri .- o f c it Act by pursuing development, a n o m a l i e s w o u l d be l i k e l y of arid, ought securities coal, and well, DEVELOPED COAL, 1 2e , It eous" of Developed is here extreme merely wants that acquisition a "gradual" coal the are of administrative most serious, a-fter to work the the all and t h e existing expiry remaining of coal gradual "simultan­ therefore Such a scheme i n leases if it the to of advantages a lease, is aoqvfcLsition . difficulties scheme w o u l d be g r e a t e s t . form would l e a v e that, - possibility alone and and when its provide anyone Crown, t h a t application minerals owners far of become are faulty the - ade ; to to satisfy inefficient to by t h e i r the u t i l i t a r i a n also provide particular expire, minerals with a view fresh one, 13. Advantages that advantages are inherent that view., since, minerals present value vast of cancelling without that the the h a s t e point hands. would not have principal nothing of or more. as of the the r o y a l t i e s compared o n l y be b a s e d on b e l i e f in of the for time; no to great no d J- s t r i bu t i on existing required developed that case. paid might Scott" s t r e n g t h of of to the small. does substantial continue the rights coal. It A policy, the the the comparatively course, of of e x a m i n e d and t h e i r in favour "Leslie - a point part royalties; additions now b e i n g with the avoided scheme remain time; w o u l d be to coal. w o u l d be a limited "political" a verdict lease developed g r a d u a l a c g . u i s i t i o n jpf t o meet the utilitarian any one ; forth. necessary w o u l d be no n e c e s s i t y is of and g r a n t i n g a as w e l l the disadvantage Since for a -oery l a r g e to be a l l Departments of the drawing re-distributed; Government proportion already enable and s o would be lease view, within part absorption a simultaneous just is would neighbours, waiting frcm at the difficulties There debt It go any t i m e b u y up any the of of minerals persons Disadvantages policy, to to the n a t i o n a l practically years lease unnecessary developed and o b l i g a t i o n s The may a t previous case. it the does not minerals therefore, State granted and t h e facilitate in from t h a t leases staffs the are quite sums t o of more e f f i c i e n t case, is But t h i s gradual^ a c q u i s i t i o n in in. p r i v a t e all mining is Crown,, ownership now b e i n g w o r k e d m i g h t addition 14. of The haste of that the corrected, To meet to of the u t i l i t a r i a n State be so.: n a s a l e a s e compensation. even c a s e t h a t 'the lay-outs as the p r o p e r t y entitled enough that must be for 50 nationalisation can "political" argument, t.is is a . e o r i cus d i a s. d v a h t a g 3 s , but it has the great and for all tion will The merit in that, the Is "gradual" scheme'a concerned for that every Grown on known; reversionary gradual is buying it ought at the to of in of lease. the at the dealing the and t h e during the Practically, of at the is to lease or in latter State, open, the whether everyone lessor, as would too, like objection that the market. all full necessity with the existing mine p l a n t the State'a would hang o v e r The p o l i c y top compensa­ Under a Moreover with once for finished. undeveloped, c o a l , l^ase reversion p r o v e more as make no d i f f e r e n c e end o f is the acute scheme vests claims period; of cumbrous. piecemeal bought the aa w e l l impossibly coal day, period. w o u l d be u n d e r be l e s s 1 uncertainty an . i n d e f i n i t e "wner, will all and t h e t h i n g acquisition it it, other "simultaneous ' The a certain of has transition a certain state lessee almost of under -mrst be made w i t h i n .I t : be m o p r o l o n g e d . liability be agony ma t e r . , Theoretically the coal unworked and e q u i p m e n t are possession the would be at likelv end to expensive. CONCLUSION. 15. that it is was n o t by the a pity It that would the reassex-ted by the Judicature problem extent Conclusion. in t h a t the tionate position trouble, claim ago., now he we s h a l l The of being quite 3-:u1t recaptured by their acquisition moment e shall, trying to will on t r-i rh t.. probably recapture we be cannot tin royalties exists, practical good b y t r a n s f e r r i n g generally Crown to the shall that position it, minerals disallowed seeing without come t o t h e to what dispropcr­ is capable undeveloped, then turn I t is no u s e here. we s h a l l royalties the following position as r e g a r d s the was admitted we a p p r o a c h view that sa? to a l l when i t recaptured he stop be And I f probably conclusions. minerals. the with a single could first of Legislature 350 y e a r s spirit, probably to for The not do minerals developed the system of any from p r i v a t e hard.s to the Crown, run i t s e l f extent; and t h e out, that ?;e only thing the we a r e thus f o r e g o i n g have to that interest, to this in leasing as r e g a r d s lease, those doing the reply that the system the . p o s i t i o n expired. that leases If the that it to Scott" remedy that ought power, regard recaptured, persons and. t h a t will to national c e r t a i n l y have allowed private that this objected with the we h a v e foregone is State accord we s h a l l the minerals "Leslie therefore of in leases lease as ambition by to fall for do i t all but, to if well anything enough lessees with that In acquisition adopting, or we a r e alternative contemplates to policy of the undeveloped facing is to to the the up t o t h e "simultaneous" the without R. of there acquisition is is of private if no risks of LANE-FOX. of either that, difficulties, C. hands, principle conclusion while to^ t h e m . principle adopted, pointed no r e v e n u e , private an spending impossibility coal extent, be in coal or t h e n be commend i t s e l f practical less will producing perpetuating policy of to of a grievance, a polic^r that minerals is machinery It forced, back nationalisation the of t o a greater or confiscation, rights, of Scott" neighbours - on m i n e r a l s view policy acquisition private can be e x p e c t e d And s o , outright, "Leslie revenue-producing one t h a t gradual coal the r i g h t and t h e absorb t h e i r the T r e a s u r y that in, a good many m i l l i o n s leaving decided undeveloped i n t h e meant'me of of let Crown any m i n e r a l s power w h i c h we h a v e acquisition not the to stop-gap. We s h a l l out the terms we h a v e a l r e a d y needs as a the we s h a l l to l e a s e s have that see do i s can. o n l y r e c a p t u r e we can r e s t o r e may r e m a i n a f t e r to all a sound and confusion minerals.