asked the Minister for Industry and Commerce if it is intended to make any departure in this year from the customary method of financing wheat imports and, if so, if he will give particulars.
Ceisteanna—Questions. Oral Answers. - Wheat and Tea Imports.
Mr. Lemass
Mr. Lemass
asked the Minister for Industry and Commerce if it is intended to make any departure in this year from the customary method of financing tea imports and, if so, he will give particulars.
With the permission of the Ceann Comhairle, I propose to take Questions Nos. 4 and 5 together.
No departure is contemplated from the customary method of financing wheat and tea imports by means of borrowings by Grain Importers, Limited and Tea Importers, Limited, respectively; the repayment of which is guaranteed by the Minister for Finance under the State Guarantees Act, 1954.
Mr. Lemass
The procedure up to the present involved borrowing from Irish banks under Government guarantee. Is that procedure to be followed?
The position is that if these companies borrow elsewhere than from Irish banks the discount may be with Irish banks and the ultimate Government responsibility still remains.
Mr. Lemass
Is it intended to borrow elsewhere?
Yes, if advantageous rates can be got.
Is it not a fact that, in the case of wheat, the borrowing is done in a foreign country in hard currency?
As a matter of fact I think I should tell the Deputy that as far as the Department of Industry and Commerce is concerned, it comes in only in an accidental way. These questions should properly be addressed to the Minister for Finance.
Arising out of the Minister's reply, would it not be far sounder policy from the point of view of agriculture that the importation of wheat should be cut out altogether?
Is the Minister prepared to say whether or not 80 per cent. of the borrowing for wheat is done in Canada in dollars and that this State must guarantee the repayments whether or not the currency situation remains as it is?
I think the Deputy should put down a question in his own name.
Surely the Tánaiste knows that is being done?
That is the purest blatherskite. Deputy Briscoe is doing a dirty job.
Order! Question No. 6.
Mr. Lemass
We have got a statement that there is no departure from procedure.
You are doing your best to smear the oil refinery.
Mr. Lemass
I started it. The Minister had only to sign his name and it took him a pretty long time to do that.