But as regards this industry he performs no essential function beyond
allowing the colliery-owners to mine his coal.
What is the total amount annually paid in coal royalties? We can arrive
at an approximate estimate in this way: Average output of coal for five
years before the war, roughly, 270,000,000 tons; average royalty, 51/2d.
per ton, which means, after deducting coal for colliery consumption and
the mineral rights duty paid to the State by the royalty-owner, roughly
L5,500,000 per annum paid in coal royalties. Regarding this as an
annuity, the capital value is 70 millions sterling if we allow a
purchaser 8 per cent. on his money (12.5 years' purchase), or 551/2
millions sterling if we allow him 10 per cent. (10 years' purchase). For
all practical purposes the annuity may be regarded as perpetual.
Now the State must acquire these royalties. That is the only practicable
solution, and a condition precedent to any modification in the structure
of the coal-mining industry so long as the participants in that industry
continue unwilling or unable to agree upon those modifications
themselves.
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