asked the Minister for Finance whether his attention has been drawn to the recent creation of additional capital through the issue of bonus shares by an Irish manufacturing firm; whether he has examined the method by which this was carried out from the point of view of securing and strengthening public support for Irish industrial development; and if he will make a statement on the matter.
Ceisteanna—Questions. Oral Answers. - Irish Firm's Bonus Shares.
My attention has been drawn to the case referred to by the Deputy. I have, however, no responsibility in the matter as the issue of bonus shares is not subject to official approval.
Arising out of the Miniter's reply, would he consider that such a policy is commendable in view of the appeals made to the workers in relation to wage demands? Furthermore, can the Minister say whether this particular matter has received the attention of the Revenue Commissioners?
With relation to the first part of the supplementary question, it is difficult to give an answer because the issue of bonus shares may occur under very divergent circumstances. What might not be commendable in some circumstances might be very commendable in others. With reference to the second part of the question, as far as the Revenue Commissioners are concerned the change to which the Deputy refers brings no benefit to the company either by increasing its net profits or securing relief from taxation.