There is a polemic going on just now in the columns of the Financial Times on the question of steel nationalisation. Among those advocating nationalisation is one Donald Bruce of 19, Blandford Place, London W.1. He drew attention to some interesting facts about the compensation of the nationalised boards in a letter on November. 20th:
"An examination of the List of Members cf Public Boards of a Commercial Character as at November 1, 1963...which covers all the present — nationalised industrics except those, like the Post Office, under direct Ministerial control, reveals that of the 180 members of the national public boards - that is, excluding the area boards - no less than 93 are directors of other public companies in the private sector, and that they share between them 467 directorships in that sector, At least 22 of them are members of that distinguished body, the Institute of Directors.
“Furthermore, in the case of most public boards (the NCB being one important exception) both the chairmen and the vice-chairmen comprise gentlemen occupying responsible directorial positions in the private sector of industry or commerce.." (my emphasis - D.W.)
It seems to me that Mr, Bruce has dram our attention a very bad state of affairs (although he thinks this an argument for nationalisation), When steel is nationalised is the same kind of set-up going to apply?