Dáil Éireann debate -
Tuesday, 1 Jul 1947

Vol. 107 No. 5

Written Answers. - State Interest in Companies.

Captain Giles

asked the Minister for Finance if he will state the name of each company, set up under the Companies Acts, prior to the 1st January, 1932, in which the State has a financial interest, by direct subvention, share subscription, guarantee or otherwise; whether any, and if so what Minister, Department of State, or other State-controlled company has any right to appoint the directors of each such company, and if so, what are such rights; also, the name, date of appointment and remuneration of every director of each such company, appointed since the 1st January, 1932; and whether such director is entitled to carry on other gainful activities.

Mr. Aiken

The particulars asked for by the Deputy in relation to certain companies set up under the Companies Acts prior to 1st January, 1932, are as follows:—

(i) The Agricultural Credit Corporation, Limited, is a public limited liability company incorporated on the 30th September, 1927. The majority of the shares is held by the Minister for Finance.

(ii) There are seven directors, three of whom are nominated by the Minister for Finance, four being elected by the shareholders.

(iii) The names, dates of appointment and remuneration of the directors appointed since 1st January, 1932, are as follows:—

Name	Period of Appointment	Remuneration
From	To
R.C. BARTON:
Director	16th December, 1932	14th December, 1933	£300 p.a.
Chairman	15th December, 1933	continuing	£800 p.a.
P.F. WALSH:
Managing-Director	15th December, 1933	31st December, 1939	£1,450 p.a.
Director	1st January, 1938	30th April, 1947
W. QUIRKE	17th December, 1934	continuing	£300 p.a.
P.J. CAHILL	17th December, 1934	continuing	£300 p.a.
R.H. FRANKLIN	16th October, 1936	Died 5th March, 1944	£300 p.a.
C.M. O'KELLY	16th June, 1939	continuing	£300 p.a.
P.J. STOKES	6th October, 1939	continuing	£300 p.a.
T.F. HENNESSY	30th June, 1944	continuing	£300 p.a.

(iv) The offices of chairman and director are part-time, the appointees being free to engage in other gainful activities.

(i) The Dairy Disposal Company, Limited, is a private company incorporated in 1927. It has the following subsidiaries: The Newmarket Dairy Company (1932), Limited, The Condensed Milk Company of Ireland (1928), Limited, Cleeves Confectionery (Limerick), Limited. The necessary funds for the setting up of the company were provided by the Oireachtas. The capital advanced is repayable with the exception of certain deductions in respect of compensation to redundant employees and subsidies to cover losses on realisation of concerns subsequently transferred to co-operative societies.

(ii) The chairman and two directors are appointed by the Minister for Agriculture.

(iii) The names, dates of appointment and remuneration of the directors appointed since 1st January, 1932, are as follows:—

Name	Period of Appointment	Remuneration
From	To
P.J. MURRAY:
Chairman	8th November, 1933	12th April, 1934	£200 p.a.
R.J. LEACH:
Chairman	13th April, 1934	8th January, 1935	£200 p.a.
H.J. O'FRIEL:
Chairman	22nd January, 1935	continuing	£200 p.a.
W.P. CLIFFORD	9th June, 1933	8th November, 1933	£100 p.a.
M.J. HORGAN	9th June, 1933	continuing	£100 p.a.

(The other existing Director is Mr. M. McAuliffe who was appointed prior to 1st January, 1932.

The chairman and the directors are civil servants whose salaries are borne on sub-head M (1) of the Vote for Agriculture. Their directors' allowances are payable from the funds of the company which also refunds their Civil Service salaries and pension liability.

Particulars regarding the Drumm Battery Company are omitted as the company ceased operations some years ago and is in process of liquidation.