asked the Minister for Finance if he will state in respect of each of the undermentioned companies for which an issue was sponsored by the Industrial Credit Company, Limited (1) the number of shares held by the Industrial Credit Company, Limited; (2) the original price and value of these shares; and (3) their current market price and value: (a) Ranks (Ireland), Limited; (b) Comhlucht Siúicre Eireann Teo; (c) Arklow Pottery, Limited; (d) Irish Tanners, Limited; (e) the Irish Aluminium Company, Ltd.; (f) Ever Ready (Ireland), Ltd.; (g) Prices Tailors (Ireland), Limited; (h) May Roberts (Ireland), Limited; (i) the Irish Dunlop Company, Limited; (j) the Insurance Corporation of Ireland, Limited; (k) the Barrow Milling Company, Limited; (l) the Newbridge Cutlery Company, Limited; (m) Irish Wire Products, Limited; (n) Allied Ironfounders (Ireland), Limited; (o) General Textiles Limited; (p) Irish Worsted Mills, Limited; (q) Cement, Limited; (r) Wallpapers, Limited; (s) Milford (Donegal) Bakery and Flour Mills, Limited; (t) any other companies for which an issue was sponsored by the company, subsequent to the 14th December, 1936.
Ceisteanna—Questions. Oral Answers. - Share Holdings by Industrial Credit Company.
asked the Minister for Finance if he will state (1) the names of the companies in which the Industrial Credit Company, Limited, hold investments, other than those for which it sponsored issues; (2) the number of shares held, and the original purchase price per share, and the total original purchase price of the shares; and (3) the present market price per share, and the total present value of the shares.
I propose to take together the questions numbered 7, 8 and 9. I am circulating with the Official Report a statement giving the names of the companies in which the Industrial Credit Company has a shareholding. The companies for which issues were sponsored are specially indicated.
According to the latest audited and published accounts, which relate to the year ended 31st October, 1940, the company's holdings of securities were valued at £618,220 4s. 10d. The corresponding accounts for the year ended 31st October last have not yet been issued, but pursuant to statute will be laid in due course before both Houses of the Oireachtas. Investments are valued on the balance sheets at net cost (less reserves) or latest market quotations, whichever is the lower. By inquiry from the company I have ascertained that the company's investments on the 31st October last were valued at £663,179 6s. 10d.
It would not be in the public interest, or in that of the company or its clients, to disclose particulars of loans made by the company. Similar considerations preclude, in general, the publication of specific information regarding the company's investments on the lines requested by the Deputy.
Following is the statement:—
Names of companies in which the Industrial Credit Company has a shareholding.
(a) Companies for which an issue was sponsored: Ranks (Ireland), Ltd.; Irish Tanners, Ltd.; Comhlucht Siúicre Eireann, Teo.; Cement, Ltd; Albert Phillips (Ireland), Ltd.; Allied Ironfounders (Ireland), Ltd.; Arklow Pottery, Ltd.; Barrow Milling Company, Ltd.; General Textiles Ltd.; John Halliday and Son, Ltd.; Insurance Corporation of Ireland, Ltd.; Irish Aluminium Company, Ltd.; Irish Wire Products, Ltd.; Irish Worsted Mills, Ltd.; L. Jordan, Ltd.; Milford (Donegal) Bakery and Flour Mills, Ltd.; Newbridge Cutlery Company, Ltd.; Prices, Tailors (Ireland), Ltd.; Salts (Ireland), Ltd.; Wallpapers, Ltd.; Williams and Woods, Ltd.
(b) Other companies: Terrazzo, Marble and Concrete Products, Ltd.; Irish Ropes, Ltd.; Plunder and Pollak (Ireland), Ltd.; Western Hats, Ltd.; Liffey Dockyard, Ltd.