asked the Minister for Finance if he will state, as at March 31st, 1939, and as at March 31st in each of the years 1946 to 1950, (a) the total capital liabilities of the State; (b) the total assets of the State separated into the two categories liquid assets and productive assets, and (c) the net deadweight debt, and if he will give his estimate under these headings of the expected position on March 31st, 1951, and if he will also give the estimated capital liability of the State in respect of State contributions towards the annual loan charges payable by local authorities for moneys borrowed under the Housing (Financial and Miscellaneous Provisions) Act, 1932.
Ceisteanna—Questions. Oral Answers. - State Finances.
As tabular statements are incorporated in the reply, I propose, with the permission of the Leas-Cheann Comhairle, to have the reply inserted in the Official Report.
Following are the figures of the total capital liabilities of the State as shown in the relevant Finance Accounts:—
|
31st March |
Total Capital Liabilities* |
|
£ |
|
|
1939 |
73,253,629 |
|
1946 |
90,661,101 |
|
1947 |
96,220,348 |
|
1948 |
100,113,308 |
|
1949 |
111,377,442 |
|
The comparable figure for 31st March, 1950, is |
152,360,000 |
|
* These figures include the capitalised value of State contributions under the Housing (Financial and Miscellaneous Provisions) Act, 1932, which was estimated as follows on the 31st March of the years concerned, viz.—1939: £7,320,000; 1946: £9,314,000; 1947: £9,423,000; 1948: £9,098,000; 1949: £10,489,000; 1950: £11,833,000. |
As regards (b) it is assumed that by "liquid assets" the Deputy means assets in the form of cash (including moneys held on deposit receipt) and that his other category—"productive assets"—is intended to cover investments in the form of securities and repayable advances whether or not in any particular year they produced an adequate financial return. Following are the particulars:—
ASSETS OF THE STATE.
|
As at 31st March |
Cash |
Other Assets |
Total |
|
£ |
£ |
£ |
|
|
1939 |
721,518 |
29,840,641 |
30,562,159 |
|
1946 |
2,130,889 |
30,800,636 |
32,931,525 |
|
1947 |
6,544,744 |
32,809,610 |
39,354,354 |
|
1948 |
6,018,259 |
37,783,489 |
43,801,748 |
|
1949 |
6,892,551 |
45,598,345 |
52,490,896 |
|
1950 |
16,580,655 |
66,484,002 |
83,064,657 |
It would appear that the term "net dead-weight debt" in the question is to be interpreted as the difference between total liabilities and total assets, which for the years in question was as follows:—
|
£ |
|
|
1939 |
42,691,470 |
|
1946 |
57,729,576 |
|
1947 |
56,865,994 |
|
1948 |
56,311,560 |
|
1949 |
58,886,546 |
|
1950 |
69,295,343 |
The White Paper of Receipts and Expenditure for 1950-51 shows that it is expected that capital liabilities will increase by 31.5 million during the year, and indicates the objects on which capital outlay will be incurred. The outcome of this programme will be reflected in the statement of capital liabilities and assets, which will be presented in connection with next year's Budget.