asked the Minister for Industry and Commerce if he will state (1) the names, addresses and qualifications of the persons constituting or directing the body known as Tea Importers (Eire) Limited, and the persons or bodies by whom they were appointed; (2) the statutory or other authority under which the body is constituted; (3) the powers and duties of that body; (4) (a) the body's nominal capital, (b) the subscribed capital, and (c) the ownership of the subscribed capital including particularly the amount of capital subscribed by the State; (5) the amount of money paid by the State to that body other than in the form of capital; and the amount of such money due as a repayable debt to the State; and (6) the amount of money borrowed by the body in respect of which he has given a guarantee regarding the repayment of principal and/or interest.
Written Answers. - Tea Importers (Éire) Limited.
(1) The only shareholders of Tea Importers, Limited, are:—David Coyle, Avonmore, Foxrock, County Dublin; Percy McGrath, Foxrock House, County Dublin; John F. Punch, Kilroan, Glanmire, County Cork; Henry J. Simpson, Garryknock, Stillorgan, County Dublin; John M. Wardell, Willsbrook, Lucan, County Dublin.
The first four persons mentioned were named as the first directors of the company in the articles of association which were approved by the Minister for Supplies, and the fifth person named was later co-opted as a director. The qualification of a director is the holding of one £1 share in the company.
(2) The company was formed on the initiative of the Minister for Supplies and is incorporated under the Companies Acts, 1908 to 1924.
(3) The powers and duties of the company are detailed in the memorandum of association of the company. The company is charged with responsibility for importing our requirements of tea.
(4) The amount of the company's nominal capital is £100 and the subscribed capital is £5. The subscribed capital is owned by the five persons named above.
(5) The only money paid by the State to the company has been by way of subsidy to maintain controlled prices for tea. The total payments of subsidy, including an estimated figure for 1952/53, amounted to £8,645,020. None of the subsidy expenditure is repayable to the State.
(6) On the 24th September, 1952, Tea Importers Ltd. was indebted to its bankers in a sum of £4,033,025 on the security of the company's stocks and on foot of a guarantee by the Minister for Finance for a sum not exceeding £6,000,000.