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 Grain 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. - Grain Importers (Eire) Limited.
1. The names and addresses of the directors of Grain Importers (Eire), Ltd., are:—Gerald Maurice Goodbody, Castleville, Castletroy, Limerick; Thomas Dennehy Hallinan, Ashbourne, Glounthane, County Cork; William John Green, Parknamore, Ballincollig, County Cork; Douglas Thomas Figgis, Knockdromin, Lusk, County Dublin; Henry Mitchell Hall, Homestead, Dundrum, County Dublin; Peter Desmond Odlum, 27 Ailesbury Road, Dublin.
The qualification of each of these directors is the holding of one £1 share in the company. The original board of directors whose names are set out in the articles of association of the company were nominated by the Irish Corn Trade Association and approved by the Minister for Industry and Commerce. The directors have the right in law of filling any casual vacancy occurring in the board of directors. In fact, however, they accept any suggestions of the Minister as to who should be invited to act on the board.
2. The company is a limited liability company, set up under the provisions of the Companies Acts 1908 to 1924.
3. The company is responsible for the importation and distribution of wheat on behalf of the Minister for Industry and Commerce and of maize and other coarse grains on behalf of the Minister for Agriculture.
4. (a) the nominal capital of the company is £100, divided into 100 shares of £1 each; (b) the subscribed capital is £7; (c) of the subscribed capital of £7, six shares of £1 each are held by the directors of the company and the remaining share of £1 is held by the secretary of the company. None of the capital of the company has been subscribed by the State.
5. Net payments in respect of flour subsidy made to the company up to the 30th September, 1952 amounted to £55,574,189 14s. In addition, a sum of £159,947 8s. 7d. was paid to the company on the 30th March 1950 by the Minister for Agriculture in respect of losses on imports of rolled oats. No portion of the above is due as a repayable debt to the State.
6. Borrowings by the company from the banks are guaranteed by the Minister for Finance up to a limit of £6,000,000. On the 4th October, 1952, the total amount owing by the company on foot of bank overdrafts was £2,761,240.