asked the Minister for Finance if he will state the amount of ways and means advances to the Exchequer from the American Loan Counterpart Fund from 13th June, 1951, to 13th December, 1951.
Ceisteanna—Questions. Oral Answers. - American Loan Counterpart Fund Advances.
The amount of Ways and Means Advances made to the Exchequer from the American Loan Counterpart Fund from 13th June, 1951, to 13th December, 1951, was £22,000,000.
I would like to know if the Minister can give us the monthly rates of expenditure from 13th June to 13th December and from April 1st to June 13th in the same year.
I do not know if the Deputy means monthly or average monthly. The average at £22,000,000, divided by six, is, of course, £3? millions a month, and I already indicated, in reply to Deputy de Valera, that in the previous period the amount was something less than £1,000,000.
Mr. de Valera
May I ask is there simply a question of difference in degree and not in kind?
Three instead of one.
Mr. de Valera
Wait one moment. Between the use of these funds up to 13th June and the use of them after 13th June, were they not used precisely for the same type of purpose, for ordinary State expenditure, whether capital or current?
Surely Deputy de Valera appreciates that there is a vast difference in degree in supplementing at the rate of something under a £1,000,000 a month and substituting at the rate of £3.6 millions a month?
Does the Minister not recall that a few days ago in this House he informed us that the conversion operation which my predecessor had initiated had failed, that over 20 per cent. of the investors had opted to take cash and have the loans repaid? In these circumstances, will the Minister tell the House whether it would have been possible to finance the Exchequer expenditure by the more normal means to which he has referred? Does the Minister want us to emulate him in 1951 and to have two successive national loans failures in one year?
The Deputy should go back and read the speech which he made on 19th July, 1951, and assess in retrospect the effects of that speech.
Is it not a fact that the conversion operation had been completed? Deputy McGilligan's conversion had failed.
The Deputy had £22,000,000 and Deputy MacEntee, in relation to the conversion operation, knows that about £2,000,000 of it was relevant.