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Dáil Éireann - Volume 142 - 21 October, 1953

Ceisteanna—Questions. Oral Answers. - Investment of State Funds.

Mr. Hickey asked the Minister for Finance if he will state (a) the name of each company in which State funds are invested, (b) the amount invested by the State in each company, (c) the losses, if any, incurred in the years 1950 to 1953 by these companies, and (d) the amount received by way of dividend for each of the years 1950 to 1953, inclusive.

Mr. MacEntee: The reply to the Deputy's question is in the form of a tabular statement and, I propose, with the permission of the Ceann Comhairle, to have it included in the Official Report. I have assumed that the question relates to companies incorporated under the Companies Acts.

Following is the statement:—

[185][186]Name of Company

Amount of State Investment

Loss, if any, as shown in published accounts

Gross amount received by Exchequer by way of dividend

Year ended

1950

1951

1952

1953

1950

1951

1952

1953

£

£

£

£

£

£

£

£

£

Aer Rianta, Teoranta

1,999,988

31st March

6,189

3,075

1,628

3,230

—

—

—

—

Agricultural Credit Corporation, Ltd.

300,000(a)

30th April

—

—

—

—

10,500

10,500

10,500

12,000

Alginate Industries (Ireland), Ltd.

5,100

30th September

—

—

—

(b)

—

—

—

(b)

Ceimicí, Teoranta

275,756

30th September

—

37,667

37,175

(b)

13,788

13,788

—

(b)

Cólucht Groighe Náisiúnta na hÉireann, Teoranta

350,868

31st December

4,231

—

—

(b)

—

—

—

(b)

Comhlucht Siúicre Éireann, Teoranta

500,000(c)

30th April

—

—

—

—

25,000

25,000

25,000

25,000

Industrial Credit Company, Ltd.

1,491,692

31st October

—

—

—

(b)

40,226

36,555

39,680

(b)

Irish Assurance Company, Ltd.

129,814

31st December

—

—

—

(b)

(d)

(d)

(d)

(b)

Irish News Agency

168,600(e)

31st March

(f)

35,262(f)

35,476(g)

57,829

—

—

—

—

Irish Shipping, Ltd.

199,993

30th June

—

—

—

(b)

—

—

—

(b)

Mianraí, Teoranta

179,102(h)

31st March

(i)

(i)

(i)

(i)

—

—

—

—

(a) Share capital. In addition, funds under the control of the Minister for Finance hold amounts totalling £1,200,000 of State-guaranteed Mortgage Stock of the corporation; interest on the stock has been paid at the appropriate rate from the date of acquisition.

(b) Accounts not yet published.

(c) Share capital. In addition, funds under the control of the Minister for Finance hold amounts totalling £147,450 of 4% Guaranteed Debenture Stock (1954-74) of the company; interest on the stock has been paid from the date of acquisition.

(d) Valuations of the company's business were carried out at the end of each period; no surplus for distribution emerged.

(e) Ordinary share capital is £100 and the Agency's liability to the Minister for External Affairs for the repayment of advances amounts to £168,500.

(f) Incorporated on 10th March, 1950; first accounts cover period from March, 1950 to June, 1951.

(g) Covers period from July, 1951, to March, 1952.

(h) Ordinary share capital is £200 and the company's liability to the Minister for Industry and Commerce for repayment of advances amounts to £178,902.

(i)  During these years the company's activities consisted of exploration work at Avoca, financed out of voted grants, and coal mining and development at Slievardagh in respect of which voted repayable advances were issued. The published accounts do not show separately the profit/loss on the commercial undertaking—Slievardagh.

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