asked the Minister for Industry and Commerce why the rate of interest on the bank overdraft of Tea Importers, Limited, was increased from 3½ per cent. to 4 per cent. from the 1st September, 1955.
Ceisteanna—Questions. Oral Answers. - Tea Importers, Limited.
An increase from 3½ per cent. to 4 per cent. as from the 1st September, 1955, in the rate of interest on the overdraft of Tea Importers, Limited, and other State guaranteed overdrafts was accepted as being technically appropriate in current conditions.
asked the Minister for Industry and Commerce whether Tea Importers, Limited, borrowed by way of the discounting of bills by the Central Bank, and, if so, if he will state the amount of such borrowings, and the date and amount of the first transaction.
For the purpose of financing imports of tea, Tea Importers, Limited, has borrowed by way of bills rediscounted with the Central Bank. The total indebtedness of the company in this respect amounted to £1,500,000 on the 5th November, 1955. The first transaction was undertaken on the 13th April, 1955, and amounted to £200,000.
asked the Minister for Industry and Commerce if he will state the loss incurred by Tea Importers, Limited, on bulk purchases of tea (a) from 1st January, 1955, to 30th June, 1955, and (b) from 1st July, 1955, to 30th September, 1955.
I presume the Deputy refers to the trading losses incurred by Tea Importers, Limited, because of the decision of the Government not to permit increases in prices with effect from the 1st October, 1954.
The net loss incurred by Tea Importers, Limited, in respect of sales during the whole period from the 1st October, 1954, to the 30th September, 1955, according to the latest figures available, amounted to approximately £1,035,000. The proportions of the net loss attributable to sales during the periods mentioned by the Deputy were (a) £554,000 approximately, and (b) £481,000 approximately. There was no net loss in the period to 31st December, 1954, as part of accumulated reserves was utilised to liquidate the loss in full.
asked the Minister for Industry and Commerce if he will state in respect of each month from and including January, 1955 the amount and average price per lb. of tea purchased by Tea Importers, Limited.
I propose, with the permission of the Ceann Comhairle, to circulate with the Official Report a statement giving the desired report.
Following is the statement:—
MONTHLY PURCHASES OF TEA BY TEA IMPORTERS, LTD., FROM AND INCLUDING JANUARY, 1955.
|
Month |
Quantity purchased lb. |
F.o.b. price in pence per lb. |
|
January |
1,700,000 |
79.06 |
|
February |
2,100,000 |
77.01 |
|
March |
1,600,000 |
58.85 |
|
April |
900,000 |
45.73 |
|
May |
800,000 |
45.73 |
|
June |
200,000 |
32.76 |
|
July |
2,000,000 |
57.67 |
|
August |
3,600,000 |
58.54 |
|
September |
1,800,000 |
58.54 |