asked the Minister for Finance if he is aware that Irish national daily newspapers are prohibited from publishing the prospectus of any Irish firm in their English editions while English newspapers in the Irish editions often carry the prospectus of British concerns; if he will have examined the position resulting therefrom that English firms can have the benefit of the Irish market without any reciprocal facilities for our own industries; finally, if he is satisfied that sufficient capital is available in the Irish market to permit of investment abroad without an adverse effect on its availability for Irish industry.
Ceisteanna—Questions. Oral Answers. - Publication of Prospectus Notices.
A British statutory Order provides that no person shall circulate in Britain, without the consent of the Treasury, any public offer for subscription, sale or exchange of any securities of any body corporate not incorporated under the law of England and Scotland.
The suggestion in the question that the publication of prospectuses of issues by British concerns in the Irish editions of English newspapers diverts Irish savings abroad to the detriment of Irish industry is not supported by the balance of payments returns which show that in the years 1947 to 1952 inclusive known net realisation of external securities by private holders amounted to £18.6 million.