asked the Minister for Finance if he intends to curtail thecapital development programme in view of the fact that public subscriptions to the recent £25,000,000 loan, exclusive of £5,000,000 subscribed by the banks, amounted to £16,292,262 only; and, if so, if he will indicate the nature of the curtailments proposed.
Ceisteanna—Questions. Oral Answers. - Capital Development.
The cash proceeds of the recent National Loan amounted to £24,250,000 of which public subscriptions together with £5,097,835 from the banks and sub-underwriters provided £20,901,327. The balance was taken up by the departmental funds.
The financing of the capital programme depends not only on the result of the 1953 National Loan and future loans, but also on the success of efforts to secure small savings through the Post Office Savings Bank and Savings Certificates, the extent to which moneys in departmental funds are available for investment and the possibilities of borrowing from other sources.