I move:—
"Go ndeontar suim ná raghaidh thar £15,000 chun íoctha an Mhuirir a thiocfaidh chun bheith iníoctha i rith na bliana dar críoch an 31adh lá de Mhárta, 1934, mar roimh-íoc chun Tionnscail an tSiúicre Bhiatais do leathnú.
That a sum not exceeding £15,000 be granted to defray the Charge which will come in course of payment during the year ending 31st March, 1934, as an advance for the extension of the Beet Sugar Industry."
This Estimate is required in order to provide funds for the inter-Departmental Committee which is being set up, pursuant to a decision of the Executive Council, for the promotion of a public company for the erection, acquisition and operation of sugar factories in the Saorstát. As set out in the footnote to the Estimate, legislation will be introduced at an early date to give effect to the Government's proposals for the extension of this industry. These proposals would provide among other things for the formation and registration of a new company; the advance from voted moneys of the preliminary expenses herein provided; the acquisition by the Minister for Finance of portion of the share capital; and for the taking of such other powers as are considered necessary for the successful expansion of the beet sugar industry in this country. Pending the introduction and passing of such legislation the promoters of the company will incur certain expenditure properly chargeable against the share capital of the company when it has been subscribed. It is the intention, however, of the Government to have, if possible, the new factories erected and ready to commence operations in the sugar-making season of 1934. Owing to the urgency of this matter, the officials who are promoting the company cannot afford to await the subscription of the capital, nor, since they are civil servants, is it considered proper that they should have to resort to borrowing. While it might be possible for them to obtain the requisite funds as an overdraft from a bank on a written guarantee from the Minister for Finance that the amount of the overdraft would be duly repaid, I have thought that the giving of such a guarantee would be improper as it would anticipate the sanction of the Dáil.
Provision is made in the Estimate itself for the initial outlay on stamp duty amounting to about £5,000, and registration fees, printing and establishment charges, and for such expenditure of the committee and its advisers as may be required. As I have already stated, the fact that the company will be in a position to deal with the beet crop in 1934 on a greatly extended scale will lead to expenditure being incurred in anticipation of the subscription of the share capital. We are anxious that arrangements should be pressed forward so far as possible to the point where constructional work on the new factories can be put in hands immediately after the necessary legislative authority to enable the company to start operations has been secured. The total amount involved in the Estimate is £15,000. It is possible that when the necessary estimates have been definitely made and the legislative proposals are put before the Dáil a very much larger sum will be required. The £15,000 is in the nature of preliminary and promoting expenses to enable the Government to go ahead and. have everything ready to put before the Dáil in the form of definite proposals when the Dáil reassembles after the Recess.