asked the Minister for Industry and Commerce if he will state (a) whether any efforts have been made by the Irish Free State Government with a view to inducing American capital to help in the financing of Irish industrial enterprises; (b) whether any offers of such capital have been received; and, if so, what industries it was proposed to extend, revive or initiate by the use of such capital; and (c) further, whether any industries or enterprises have been financed with the help of the Industrial Trust Company of Ireland; whether all such industries or enterprises are situate within the Irish Free State, or whether some are situate in a foreign State; and whether he can state what the financial position of all these enterprises is now.
Ceisteanna—Questions. Oral—Answers. - American Capital and Irish Industries.
Padraig O hOgáin (An Clár):
Various enquiries have from time to time been received from American interests as to the possibilities of starting industries in the Saorstát. In reply to these enquiries full particulars have been given as to the importation of industrial products and the volume of manufacture in this country together with details as regards protective tariffs and other relevant matters. No specific offers of capital for the purpose of a particular industry to be developed according to a defined plan have yet been made to me as a result of these enquiries.
The Industrial Trust Company of Ireland has financed loans to a number of industries in the Saorstát which took advantage of the provisions of the Trade Loans (Guarantee) Acts. I am not advised as to the other activities of this company and am, therefore, not in a position to reply to the latter part of paragraph (c) of the question.
Mr. Hogan
Can the Minister not say whether the company has indulged in any activities outside the Saorstát and if these activities have been successful?
The Minister says he is not advised as to other activities of this company.
Mr. Hogan
Would it be true to say that a Minister of this State said in America that this State was not in need of any American capital, and suggested that American capital need not be utilised or sent or offered to this State for the development of industry?
I have not heard of any such statement.
Will the Minister inform us if it is a fact that the State is the largest single shareholder in the Industrial Trust Company, that the State nominates representatives on the board of the Industrial Trust Company, if the State is satisfied that the management of the company has been judicious in the past, and if the State is satisfied with the financial results of that management?
My reply was given on behalf of the Minister for Industry and Commerce. I imagine if there is anything in the statement the Deputy makes, whether true or untrue, the Minister for Industry and Commerce would hardly be the appropriate person to give information about it.