Also By Richard Minns The Organisation of Housing: Public and Private Enterprise in London (with M. Harloe and R. Issacharojj)

STATE SHAREHOLDING

Also By Richard Minns The Organisation of Housing: Public and Private Enterprise in London (with M. Harloe and R. Issacharojj)

STATE SHAREHOLDING The Role of Local and Regional Authorities RICHARD MINNS and JENNIFER THORNLEY

Richard Minns and Jennifer Thornley 1978 Softcover reprint of the hardcover 1st edition 1978 All rights reserved. No part of this publication may be reproduced or transmitted, in any form or by any means, without permission First published 1978 by THE MACMILLAN PRESS LTD London and Basingstoke Associated companies in Delhi Dublin Hong Kong Johannesburg Lagos Melbourne New York Singapore Tokyo British Library Cataloguing in Publication Data Minns, Richard State shareholding. 1. Stockholders - Great Britain 2. Local finance - Great Britain I. Title II. Thornley, Jennifer 332.6'725 HG5432 ISBN 978-1-349-03770-4 ISBN 978-1-349-03768-1 (ebook) DOI 10.1007/978-1-349-03768-1 This book is sold subject to the standard conditions of the Net Book Agreement

Contents Preface and Acknowledgements List of Abbreviations Vll Vlll Introduction PART I THE FOUNDATIONS OF STATE ENTERPRISE 1 Intervention and the Crisis 2 Municipal Socialism or Local Capitalism PART II LOCAL AND REGIONAL SHAREHOLDING 1g68-77 3 Categorisation of Schemes 4 Manufacture and Commerce 5 Land Development and Infrastructure 109 PART III CONCLUSIONS 6 Shareholding as Managed Intervention Notes Index

Preface and Acknowledgements This book is the result of a research project on shareholding by local and regional authorities which was largely funded by the Social Science Research Council. During the course of our research the number of authorities acquiring shares in companies grew and when we completed our research the number seemed likely to grow further. Our research began in May 1975 and finished in July 1977 We examined all the local authority shareholding schemes in Britain. Amongst the regional authorities, we examined the shareholding of the Highlands and Islands Development Board in detail; the Scottish and Welsh Development Agencies were only established during the course of our research and by the time we completed our work these agencies had not really begun theirs; the Northern Ireland Finance Corporation/Northern Ireland Development Agency could not be examined in the same detail as the Highlands and Islands Development Board because of our own resource limitations of time and money. We relied on interviews with individuals involved in the various schemes as well as with others in central authorities, with lawyers, accountants, and others. We also examined company reports and accounts. We were able to present preliminary ideas and papers on our work at conferences and seminars at Aston University, York University, Oxford University, Warwick University, and in published articles. We are very grateful for the help and criticism we have received. We should also like to thank in particular Michael Ball, Richard Barras, Alex Catalano, David Donnison, David Eversley, Margie Jaffe, Doreen Massey, Brian McLoughlin, Enzo Mingione, Bill Morrison and Andrew Thornley for comments, criticism or other help at various stages of our work. In addition, we are especially grateful to the countless individuals involved in the shareholding schemes who gave freely of their time when we approached them for information. Finally, we should like to express our thanks to our secretary and typist, Barbara Freeman. Vll

List of Abbreviations CDA CoS IRA DLO ECI GLC GMC HIDB ICFC IDC IRC LDS LUT MEB MMC NBC NEB NEG NIDA NIFC NRDC PAG PTE QUA GO QUANGO REB SDA SELNEC SIC SVA SVEAG TWG WDA Comprehensive Development Area Council for Small Industries in Rural Areas Direct Labour Organisation Equity Capital for Industry Greater London Council Greater Manchester Council Highlands and Islands Development Board Industrial, Commercial and Financial Corporation Industrial Development Certificate Industrial Reorganisation Corporation Locally Determined Schemes Lancashire United Transport Ltd Municipal Enterprise Board Manchester Mortgage Corporation Ltd National Bus Company National Enterprise Board National Exhibition Centre Northern Ireland Development Agency Northern Ireland Finance Corporation National Research Development Corporation Planning Advisory Group Passenger Transport Executive Quasi-governmental organisations Quasi-non-governmental organisations Regional Enterprise Board Scottish Development Agency South-East Lancashire/North-East Cheshire Shetland Islands Council Sullom Voe Association Ltd Sullom Voe Environmental Advisory Group Technical Working Group Welsh Development Agency Vlll