asked the Minister for Finance if he accepts the statement contained in page iii of the Estimates for Public Services for the year ending 31st March, 1952, which states that the Estimates comprised in this volume include services which, although provided for by Votes, are regarded as proper to be met from borrowing because of their capital nature; and, if not, if he will state by reference to the Summary of Capital Services comprised in pages iii, iv and v of the Estimates for Public Services for the year ending 31st March, 1952, which services are not proper to be met from borrowing.
Ceisteanna—Questions. Oral Answers. - Services to be Met by Borrowing.
The implication in the first part of the Deputy's question that public expenditure of a capital nature is always proper to be met from borrowing cannot be accepted without qualification. The question of the extent to which public expenditure, whether capital or current, should be met by borrowing must be decided in relation to the general economic circumstances. Whether the borrowed funds come from current savings or represent merely the putting of new money in circulation is of special significance in this connection. When the appropriate occasion arises I shall indicate which of the items classified as "capital services" in 1951-52 Volume of Estimates I regard as meriting that description.
Did the Minister for Finance not hear his colleague last week say here that the policy of the Fianna Fáil Government, supported by Deputy Cowan, of course, was to pay as you earn?
They have the returned strays in to encourage them to-day.