A question was asked in regard to the supplies of coal for the Arigna generating station, one suggestion being that coal supplies were solely provided by one colliery. It is true that colliery has the largest deposits of coal in the area. In fact, there are three other small suppliers to the generating station.
A number of Deputies raised the question of the position of Irish Shipping Limited. Here again in formulating policy for Irish Shipping it has been quite impossible to predict what would be the character of trade and shipping freight rates over a considerable period because this depends on the growth of world trade, changes in regard to wheat growing and changes in regard to the growth of secondary industries in countries where only the raw materials were available and changes in the volume of shipping tonnage over a period of ten years and on the intentions of new and emerging powers towards shipping development.
I should make it clear that Irish Shipping have not been operating on a purely commercial basis. They have been required by Government direction to increase their fleet until they have sufficient cargo vessels with which to provide supplies in time of emergency. If Irish Shipping had been operating on a purely commercial basis, I have no doubt that the fleet would be smaller and that they would have due regard to the collapse of freight rates after the Suez adventure.
Nevertheless, I am satisfied that Irish Shipping has been conducting its business efficiently. Deputies will have noticed the improvement in the last financial year. It is not possible to say what the next financial year will bring but part of the advantage arising through increased rates will affect this year's accounts. I have asked Irish Shipping to conduct a full investigation into their whole position because, as the fleet has now been built up to the limit required by Government direction, it is time to take stock of the position. Irish Shipping do all the Irish deep-sea trading that is possible. The vessels are designed for deep-sea trading and they do tramp shipping in the same way as other shipping companies.
It has always been our hope that Irish Shipping would be able to meet their financial requirements through their operations. The Acts under which Irish Shipping was formed clearly indicated that any surplus over and above depreciation of their vessels should be ploughed back into ships. It was never intended that they should pay a dividend to the State on the capital advance.