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Dáil Éireann debate -
Tuesday, 3 Feb 1925

Vol. 10 No. 1

CEISTEANNA—QUESTIONS. ORAL ANSWERS. - THE TRADE LOANS (GUARANTEE) ACT, 1924.

asked the Minister for Industry and Commerce whether he can state how many applications for loans under Section 2 of the Trade Loans (Guarantee) Act, 1924, have been received; how many have been granted, and how much money has been guaranteed or advanced.

Nineteen applications have been received under this section of the Act, ten have been rejected, and eight are under consideration. In one case the application has been approved, but the formalities preliminary to the giving of a guarantee have not yet been completed.

Does the Minister think that that is an effectual way of dealing with profiteering—that six months after the passing of this Act one application has been approved and the formalities have not yet been carried through?

The conclusion I draw from the figures quoted is that there is a very much greater disposition on the part of the public to complain of high prices than to take any steps to have them reduced.

Can the Minister say what encouragement has been given either by the Ministry of Local Government or the Ministry for which he is responsible to take action under the Act?

That is another question.

Can the Minister give us an answer?

Has there been any encouragement by circular or otherwise to local authorities to take advantage of the Act?

That is the same question.

The Minister refuses to reply?

No, I say I cannot reply at the moment.

TOMAS MAC EOIN

asked the Minister for Industry and Commerce if he will state how many applications under the Trade Loans (Guarantee) Act, 1924, and of what aggregate amount, have been recommended by the referees and how many have been approved by the Minister and how much money has been advanced under those guarantees.

Twelve applications involving a total amount of £223,600 have been recommended by the Advisory Committee. In the first four cases, involving a total amount of £51,100, the recommendations have been approved, subject to the completion of formalities preliminary to the giving of a guarantee. The remaining eight are under consideration.

Can the Minister say if any money has actually been guaranteed or made available?

I think not.

Can the Minister say where the responsibility lies?

I cannot agree immediately that it is a matter of fixing responsibility. These preliminaries are necessary before a guarantee can be given, and these preliminaries have not been completed. The working of an Act of this sort, after the recommendations of a special Committee have come to hand, requires some little time further.

Can the Minister oblige the Dáil by giving information as to what the preliminaries are that have not been completed, although, as I gather from the Minister's reply, approval had been given for a considerable time?

I am not sure that I understand the end of the supplementary question, which seems to say that the applications had been recommended for a considerable time. I have made no such statement. One of the obvious things to be done prior to giving the guarantee is that the applicant should receive from some bank the money which the Government is guaranteeing.

Can the Minister explain whether it is the banks who are refusing to give these guarantees after the formalities of an appeal before the board or tribunal have been gone through, or is it some other factor which is preventing the development of these industries through the operation of this Act?

That is reading too much into what I have said—to impute a refusal on anyone's part and to say that anybody has deliberately held up the working of the Act. These things take time. The application goes before the advisory committee, is considered, probably sent back, goes forward again, and is recommended. It is then sent to two departments, and after sanction is given the money has to be obtained from a bank before a guarantee can be given. The bank will necessarily require some time to consider the application.

How long will the Act be in operation?

It is scheduled to expire at the end of twelve months after the date of its passing, but it can be renewed.

Can the Minister tell us the date of its passing?

The 6th August.

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