50 Years Ago: The Nationalisation of Mining Royalties
Another Great Labour Party Victory
“Six property owners have been paid more than £1,000,000 each by the State for the coal which lies beneath their estates. The long campaign to nationalise these coal royalties ended yesterday with the report of the Coal Commissioners . . . At the time of the Sankey Commission . . . the most extensive royalty’ owners . . . were the Duke of Northumberland, the Marquis of Bute, Lord Tredegar, the Duke of Hamilton and the Earl of Ellesmere.” “In addition to the four unnamed owners who got more than a million, six received from £500,000 to £1,000,000 each and twenty-eight between £250,000 and £499,000. More than 11,000 claimants had less than £1,000 each. More than 2,400 go nothing.” —(Daily Express, October 31st, 1945.)
Which shows that nationalisation with compensation does not even change the personnel—the individual relationships of the capitalist class.
Nationalisation without compensation would still not be in the “public service”; it would merely transfer ownership from its previous owners to the investors in Government (State) Bonds.
(Article by “Horatio” in January 1946 Socialist Standard)