In reply to Deputy Cosgrave, the proposed capital has not yet been settled but it is anticipated that there will be largely loan capital in the capital formation of the company. As far as the amount to be expended by the company is concerned, that is set out in the agreement. The Deputy will remember that there are four separate periods in respect of which the company will enter into an obligation to explore and expend certain moneys and on failure to expend which they will forfeit a certain amount of these moneys to the Minister for Industry and Commerce. In respect of the first three years of the first five-year period; for example, they will be obliged to spend at least $300,000 on exploration and to drill at least one well to a depth of 5,000 feet. If they fail to meet these terms of their obligation they will be obliged to forfeit to the Minister the unexpended portion of the sum of $300,000; similarly with other periods of five years, having regard to the cumulative expenditure, in so far as they fail in any period to expend the moneys they undertook to expend, they will have to forfeit the unexpended portion of them to the Minister. I do not think it necessary to give the details of the expenditure over each five year period at this stage.
As to the point made by Deputy Dillon, I did in fact have regard to the suggestion he made and have put it in the form of an amendment. However, the amendment which I framed is not as he has put it forward to-day. He suggested on the last occasion that some examination of thebona fides of the financial background of the company to whom rights would be given might be undertaken and I have ensured in the amendment I shall propose later on that the Minister must be satisfied as to the financial background of the company undertaking exploration before any necessary licences or permits are given. I have not put it in the form suggested, that is, to set up a contingency fund but I am sure, having come to the amendment, the Deputy will agree I have met his case reasonably well.