I agree fully with the proposal to increase the share capital of Irish Shipping Limited from £12 million to £22 million. This is a welcome move. Any help that can be given to Irish Shipping by way of additional funds should be given. As the main Opposition party in this House we welcome the proposal.
The operation of Irish Shipping is a credit to the senior personnel involved in the shipping line. It speaks for itself that this is the first time since 1959 that the company have come here looking for additional finance. I do not know of any other State-sponsored body with such a good record so far as providing revenue for their own equipment is concerned. It shows that Irish Shipping have been operating most efficiently. If they need £10 million to assist them in providing the bulk carrier, which I understand will cost £25 million, we should got out of our way to see that they get it. Their operations have been a credit to the entire work force.
They were faced with severe difficulties in the current year because of the blockade by French fishermen. This cost the company a considerable amount because of the extra travelling involved and because of the cancellation of sailings from Rosslare to Le Havre and other French ports. However, despite all these factors, which were due to circumstances outside their control, the company are operating in a very efficient manner and I am glad we are assisting them. Many of the other State-sponsored bodies are getting handouts year after year but this is the first time in more than 20 years that Irish Shipping have come to us for assistance. It is our duty to see that they get this £10 million.
We are glad that the building of the ship will be carried out in the State and will provide employment in the Verolme shipyard. We have no objection to the passing of this section. It is what anybody would expect to do in the circumstances.