ABSTRACT
The labour government, moreover, being dependent on the support of the liberals, did not have a free hand in the formulation of its one and only essay in socialization. In many respects, the Shinwell-Strachey memorandum for the coal industry anticipated the form of nationalization subsequently adopted by the labour party and operated by the third labour government. The directors should consist of full-time administrators, sufficiently well paid to be immune from the temptations of ‘other, more lucrative positions in capitalist industries’. Initially they should be appointed by the Charter of incorporation itself, and should not be liable to dismissal unless the corporation failed to pay the interest on its debentures.
