asked the Minister for Industry and Commerce whether he was aware of the contents of the circular issued by the secretary of the Great Southern Railways Company regarding the reconstruction of that company's capital prior to its issue; and whether he approved of the contents of the circular in question; further, whether he will indicate the purposes for which £8,000,000 of additional capital, to be guaranteed to Great Southern Railways' shareholders by the State, will be used.
Ceisteanna—Questions. Oral Answers. - Reconstruction of Great Southern Railways' Capital.
Mr. Byrne
The circular in question relates to certain proposals which the board of the Great Southern Railways Company intend to submit to the Government if a majority of the stockholders in each class so approve. I am not prepared at the present stage to make any observations thereon.
Mr. Byrne
Can the Minister say when he will be prepared to give us an idea as to whether the proposals will be given an effect to?
I cannot.
Would the Minister say whether any approach has been made to him by the Great Southern Railways Company to guarantee the capital and the interest of the proposed financial reconstruction?
I have nothing to add to the reply I have given.
Would the Minister say whether it is proposed to introduce legislation to give the House an opportunity of discussing the matter before public moneys are committed for the purpose of guaranteeing the capital and payment of interest?
Public moneys cannot be committed without the approval of the House.
Do I take it then that nothing will be done in the matter until such time as the House has an adequate opportunity of discussing it?
The Constitution so provides.