asked the Minister for Local Government on what occasions the Dublin Corporation was permitted by the Government to seek its financial requirements at the time the Corporation considered best.
Ceisteanna—Questions. Oral Answers. - Dublin Corporation's Financial Requirements.
In so far as borrowings other than by way of underwritten stock issues, are concerned, I am not aware of any restrictions placed as to the timing of such borrowings. In the case of underwritten stock issues, the practice has been for the underwriters to arrange with the Corporation the timing of the issue in each case. I am not aware whether in any case the time of issue arranged by the underwriters with the Corporation was not that considered best by the Corporation.
Is it not a fact that Dublin Corporation as a rule got only about one-third of the money they sought on public issue and that the Government in the past has always underwritten them? In fact, no matter whether they succeed in getting money from the public or not, the Government always accepted responsibility for providing these moneys.
That has been the practice down through the years and, for the first time, our present Minister for Finance departed from that and said: "Look, we will give you an opportunity of planning in advance; we will give you £4,000,000 for the coming year 1957-58; that £4,000,000 is the exact amount which you spent last year; you need not go to the public for subscription." I think they have done very well.
They could not go to the public.
We saw what the public thought of them in the past.
We saw what the public thought of the Minister's Government in the past. We saw that quite recently. We saw it twice in one year.