asked the Minister for Finance if he will state the total expenditure of hard currencies, to which the communiqué issued after the London trade negotiations refers, during the first half of 1948, and indicate the currencies which are regarded as hard for this purpose.
Ceisteanna—Questions. Oral Answers - Hard Currencies.
As the first half of 1948 expires only to-day it is not possible just now to give exact figures of the total expenditure of hard currencies during the period. If the Deputy repeats this part of his question in a fortnight's time I hope that by then the complete returns of expenditure of foreign exchange during the first half of 1948 will be available. As regards the second part of the question, the hard currencies to which reference is made in the communiqué are those of the dollar area, including Canada and Newfoundland, and also Argentina, the Belgian monetary area, the Portuguese monetary area, Switzerland, the bi-zone of Germany and Japan.
Am I to understand from the Taoiseach's answer that a commitment was entered into to limit Irish expenditure in hard currencies without a definite figure being in mind and, if there was a definite figure in mind, can the House be informed?
No such commitment was entered into and the House will not be informed until a fortnight's time.
Did the communiqué issued following the London trade negotiations not indicate that an agreement had been made to limit Irish expenditure of hard currencies to the amount actually expended in the first half of this year? Was that commitment entered into without the negotiators being aware of the amount involved and, on the assumption that that is not so, will they tell us what they had in mind?
More and more rope.
The exact terms of the communiqué are that the Government of Éire would continue to effect the maximum economy in expenditure of hard currencies and would not exceed the level of expenditure during the first half of 1948. When that undertaking is being put into effect the Government will then know the exact amount of the commitment to which reference is made in the communiqué.
Did the Government make that agreement without knowing the commitment they were undertaking?
How could we know the commitment for the first half of 1948 when it has not yet expired?
It is queer then to enter into an agreement about it.
asked the Minister for Finance if he will state what further restrictions, if any, on imports from hard currencies areas, will be necessitated by the limitation on hard currency expenditure to which the Government agreed at the London trade negotiations.
Plans for future imports from hard currency areas are dependent on the amount of assistance which will be received by this country from the United States of America under the European Recovery Programme. As was stated in the official communiqué issued after the London negotiations, we have agreed that, pending clarification of the amount of American aid, we will continue to effect the maximum economy in expenditure of hard currencies. At present my Department has under review the programme of hard currency imports for the coming six months, with particular regard to the dollar area, with a view to ensuring that the expenditure of foreign exchange will be confined to essential purposes. It is not yet possible to state how far it will be necessary to eliminate or curtail imports of commodities in respect of which hard currency facilities have been granted in the past, but it is clear that unless our future resources of foreign exchange increase materially beyond those at present foreseen, the necessity for applying available currency to objects vital to the national economy will involve substantial restrictions on less essential items.
When is it hoped to be able to inform the House as to the restrictions arising out of the agreement?
The Deputy ought to know very well from his knowledge of matters of this kind that it is not possible to give even an estimate of when the Minister will be in a position to give the answer the Deputy requires.