asked the Minister for Industry and Commerce if he will state whether he is aware that grave concern is caused by the fact that trade returns for the twelve months ended August, 1934, disclose an adverse balance of £19,016,576, and if he will state the value of such machinery or other capital goods imported during the twelve months ended the 31st August as may be expected to mitigate in time the effects of this trading loss; and where it is anticipated that such mitigation will take place by the development of existing industries or the creation of new ones; if he will state the industries in which such development is expected to take place and the value of the imports of machinery or other capital goods imported during the twelve months ended August, 1934, in respect of each such industry.
Ceisteanna—Questions. Oral Answers. - Saorstát Trade Returns.
I am unaware of the existence of any grave concern about the so-called adverse balance. The Deputy will, no doubt, bear in mind that an adverse balance on visible trade may be offset by a credit balance on invisible items, and that although it is not yet possible to formulate an accurate estimate of our invisible items it is well known that there is a very substantial favourable balance on such items. The statistics of visible trade are not compiled in such a way that the value of imports of capital goods can readily be ascertained and, accordingly, information is not available with reference to the last part of the question.
Is the Minister aware that the adverse trade balance has increased by about £6,000,000 in the last couple of years, and can he assure us that there is an offset to that in any other way? The Minister should be aware that there is disquiet with regard to this matter, and so much disquiet that he has to be explaining through his Party that capital-producing imports are being brought into this country. Is the House to understand that the Minister is making this statement without being able to tell the House what these imports are and what the effect is likely to be on the developing and setting up of industry in the country?
The answer to all parts of the Deputy's supplementary question is in the negative.