§ Mr. Assheton
asked the hon. Member for Sheffield, Park, as representing the Ecclesiastical Commissioners, what loss of income the Church Estates Commissioners estimate they will suffer if the nationalisation of the railways is carried out on the basis announced by the Minister of Transport; and how this will affect the income of the clergy.
§ Mr. Burden
The Ecclesiastical Commissioners estimate that the loss to their common fund, if their holdings of railway and kindred securities are exchanged on the lines proposed for Government 2½ per cent. Stock issued at par, will be about £105,800 a year. In addition the income from trust holdings will be reduced by £29,300 a year.
As Queen Anne's Bounty will also suffer losses estimated at £50,000 and £17,000 per annum to their corporate fund and trust funds respectively, the incomes of the clergy will be affected both in particular cases to an aggregate of over £46,000 per annum by the reduction of income from endowments coupled with the diminished ability of the Commissioners to compensate them and generally by the reduction, aggregating nearly £156,000 a year, in the resources available for grants to raise the incomes of the clergy most in need of assistance.