asked the Minister for Industry and Commerce if he will state (a) who financed the purchase of American coal at present in stock, (b) what is the amount of money involved, (c) what rate of interest is charged, (d) what amount is paid for storage per ton or per acre per year in Cork, and (e) what amount is paid for storage per ton or per acre in Dublin.
Ceisteanna—Questions. Oral Answers. - Purchase of American Coal.
The purchase of American coal at present held in stock by Fuel Importers, Limited, was financed by bank overdraft. The amount of money involved is, approximately, £2,500,000. The rate of interest charged since 20th March, 1952, is 4½ per cent. per annum. The amount paid for storage in Cork is approximately £250 per acre per annum. The company are not liable for storage charges for coal stored in Dublin.
£250 per acre in Cork?
The rent in Cork is £250 per acre.
The position is serious enough when we have to pay a rent of £250, but it is still worse when we have an overdraft and have to pay heavy interest charges on it to get fuel and to buy food for our people. I think the time has come when this kind of thing will have to be tackled by this Government or by some Government in the future.