asked the Minister for Supplies whether the war risk insurance contracts entered into by the Irish Shipping Company are subject to his approval and whether he is aware that 20 per cent. is not a competitive rate for such contracts.
Ceisteanna—Questions. Oral Answers. - Acquisition and Insurance of Ships.
asked the Minister for Supplies whether he is aware of the nature of the ships being acquired by the shipping company recently established by him, and whether he is satisfied that the prices being paid for them bear any relation to their true value.
I propose to take Questions Nos. 12 and 13 together. The Deputy's queries relate to matters of administration which fall within the province of the directors of Irish Shipping, Limited Such matters must be left to the judgment of the board and it is not my intention to interfere with them in the exercise of that judgment.
I asked the Minister "whether the war risk insurance contracts entered into by the Irish Shipping Company are subject to his approval". Are they or are they not?
No. That is what my reply states.
Is the Minister aware that the insurance contract for these ships was hawked around Lloyds Exchange and pieces of it were offered at 20 per cent. to men who were prepared to undertake it at from 15 to 17½ per cent. if they got it in the first instance?
While I must insist upon giving the Deputy the reply I have read to him I want to explain to him that his information is totally wrong.
Might I ask the Minister, if this House is going to make money available to provide facilities by way of loan or otherwise for the purchase of shipping, does the Minister disclaim any responsibility for how the moneys are used?
No.
If he does not, will he say if it is true that the money we made available has been used at least in one case to the extent of about £200,000 to purchase a ship that was built in 1910 at a cost of £70,000 when it came new off the slip?
And which we could probably sell now for twice the price we paid for it.
It was offered to another citizen of this State for less than we paid for it. Is he aware that we paid £90,000 for a smaller ship which was actually offered to a concern in the City of Dublin for £70,000 a week before?
I am not aware of that. Somebody is pulling the Deputy's leg.
He is not. The Minister ought to be aware of it.