This Money Resolution is for the purpose of obtaining the finance necessary both in relation to the capital needs of the Exchequer and in relation to current needs until such time as current taxation flows in in the ordinary way at the end of the year— in January and February particularly, when the vast bulk of income-tax becomes payable.
In that connection, I want to refer for a moment to the issue of Exchequer Bills which the Minister announced the other day, the issue which will close on next Friday. I want to make it abundantly clear—speaking for myself and for this Party—that we hope the issue will be a success. As was indicated in the statement made by the Minister from his Department when the issue was announced, it is an innovation. It is an innovation which I discussed frankly on more than one occasion and one which I would like to have introduced.
This is an innovation which it would be quite impossible to introduce, unless the balance of payments was in order, as it is, and while the British Treasury Bills rate was at the very high rate at which it stood up to some time ago. The auguries are now set properly for the introduction of such an innovation. I hope sincerely that it will be a success and that those who have short term money available will take advantage of the opportunity offered by the Minister to invest in these Exchequer Bills, for their own benefit and for the benefit of the State and its development. The Minister has indicated that he will be prepared to accept tenders up to a maximum rate of 4¾ per cent. That is an upward limit, not a minimum limit.
Having regard to the present yield of British Treasury Bills, it is to be hoped that the offer will be a success. Those who have short-term money available have a duty to avail of it. It is absolutely gilt-edged. I would say particularly that any person resident here—or any company operating in this country—who may at the present time have money in British Treasury Bills, has not merely an opportunity but a duty to exchange those Bills for the Bills of the Irish Government. I hope that the Minister's innovation will be a success.
