asked the Minister for Transport and Power when the British and Irish Steampacket Company was taken over as a semi-State concern; the amount of the initial State investment; the number of ships involved; the amount spent on repairs to ships and the total State investment since the date of takeover; and what criterion is used to determine whether the company is operating on an economic basis.
Ceisteanna — Questions. Oral Answers. - B & I Company.
8.
The ordinary share capital of the B & I Company Ltd. was purchased on the 18th March, 1965, for £3,606,922. There has been no additional State investment since then, but the company have incurred capital expenditure and commitments amounting to £14 million. This expenditure is being financed from commercial sources without State subsidy or guarantee. Nine ships were taken over and £790,000 has been spent to date on surveys and repairs to these ships.
The company is under mandate to operate on a strictly commercial basis but no specific criterion has so far been prescribed. I would myself expect that in due course the company should earn sufficient profits to provide a reasonable dividend on the share capital after making prudent provision for replacement and other reserves.
Is the Minister satisfied that the action of the B & I in centralising all cross-channel traffic through the port of Dublin will not interfere with the ports on the western coast and the employment therein?
That is a separate Question.
The question has already been answered.
9.
asked the Minister for Transport and Power if he imposed any time limit on the British and Irish Steampacket Company for consulting trade union, business and other interests before its recently announced plans for containerisation and withdrawal from Cork are implemented.
As I have already indicated, the B & I Board's plans were adopted and published by them on their own responsibility. Their implementation has been deferred at my request to the 1st April, 1969, and this gives ample opportunity for consultation with all interests concerned.
Has the Minister given any direction or advice to the effect that there should be the consultation I have requested in the Question? Has the Minister advised the B & I Board that they should consult with the trade union, business and other interests?
They are consulting with the trade union interests and, as the Deputy knows in respect of their industrial relations in Dublin, they have had very close and amicable contact with the trade union organisation.
I may have misunderstood the Minister.
I hope that this will be the same in Cork. It has already been shown and demonstrated in Dublin, as I thought the Deputy should know.
I thought the Minister was not specific enough in relation to the first Question. He has assured me that these interests will be consulted. It is not up to these interests to take the initiative; B & I will take the initiative?
That is right.