asked the Minister for Finance whether he will state (1) the total number of applications for loans received by the Agricultural Credit Corporation up to May 31st, 1928; (2) the number and total amount of all loans granted; (3) the number and total amount of loans granted on personal security; (4) the number and total amount of loans granted on mortgage on land and buildings; (5) the number and total amount of loans granted on chattel mortgages; and (6) the number and total amount of advances made to co-operative credit societies.
CEISTEANNA—QUESTIONS. ORAL ANSWERS. - AGRICULTURAL CREDIT CORPORATION.
The question asked by the Deputy relates to details of the work being performed by the Agricultural Credit Corporation. The Deputy will realise that the Corporation is not a Government Department, but a Limited Liability Company operating under the Companies Acts. It is true that the Corporation has been set up in pursuance of an Act of the Oireachtas, that the Minister for Finance is at present the largest shareholder and has representatives on the Board, and that the State guarantees the dividend on the shares and repayment of the principal in the event of the Corporation being wound up, but none of these facts alters the status of the Company. After careful consideration, I have come to the conclusion that I cannot undertake to answer questions relating to the day-to-day administration of the Corporation, and I cannot, accordingly, deal with the question asked by the Deputy. I can only suggest that the Deputy should apply personally to the Board of the Corporation, who may be willing to furnish him with the information he requires.
The Dáil will, of course, understand that this decision does not affect general questions concerning the administration of the Corporation, which may be considered to reflect on the policy of the Government in establishing it. I shall continue to deal with these questions as before.
Would the Minister state has he come to the conclusion that the Credit Corporation, which was set up ostensibly for the purpose of dealing with credit for farmers, has served its purpose inasmuch as its results have been negligible, and will he undertake such steps as to ensure that the Agricultural Credit Corporation will be of practical benefit to farmers who wish to borrow money?
That is another question.
asked the Minister for Finance whether he is aware that a difficulty has arisen in the administration of the Agricultural Credit Act, 1927, owing to the fact that the titles of most farmers in the Free State to their farms are registered "subject to equities," and if he will state what measures, if any, he proposes to take to remove this difficulty without increasing the cost of loans on mortgage under the Act.
I am aware that the difficulty referred to by the Deputy has arisen. The question of finding a satisfactory solution is at present engaging our attention.
asked the Minister for Finance whether he can state (a) the amount of money advanced by the Government to the Agricultural Credit Corporation under the provisions of Sections 5 and 7 of the Agricultural Credit Act, 1927; (b) whether he has under Section 11 of the Agricultural Credit Act, 1927, appointed three directors of the Corporation; and (c) whether, under Section 12 of that Act he has made, in conjunction with the Minister for Agriculture, any orders with reference to that Corporation.
(1) Payments of £73,071 were made on the 29th March and 12th May, in respect of the first and second instalments payable on 292,284 shares of the Agricultural Credit Corporation subscribed for by the Minister for Finance in accordance with Section 5 (2) of the Agricultural Credit Act.
(2) No advances have been made to the Corporation under Section 7 (2) of the Act.
(3) I have nominated three directors of the Corporation in accordance with Section 11 of the Act. For further information on this point I would refer the Deputy to a reply I gave to a question by Deputy O'Hanlon on the 14th March, 1928.
(4) No orders have been made under Section 12 (2) of the Act varying the persons to whom and the purposes for which the Corporation shall be entitled to advance money.
Mr. HOGAN
In consideration of the amount of taxpayers' money invested in the Corporation and the connection which the Minister for Finance has with it, would he consider the advisability of introducing amending legislation in order to give him an opportunity of seeing whether the Corporation is carrying into effect the purpose for which it was brought into existence?
I do not consider it advisable to introduce legislation for that purpose.