I move:
"That it is desirable, in the interest of the loan now being negotiated by the Government, that a statement regarding the very considerable assets of Saorstát Eireann should be published for the information of investors."
I put down this motion on account of a letter which I received from the Minister for Finance, and which I think all Senators have also received, asking us to do what we could to forward the interest of the loan now being negotiated, because I do not see in what other way most of us could help the loan. Some of us are not very great capitalists or experts, and we have no great means of helping except by getting a debate here, in which I hope certain experts of ours may be able to give a statement which would help it on.
I thought that we might do some little thing in the way of propaganda. I shall confine myself to a few facts that are not generally known. I believe if the assets of the Irish Free State were well known amongst investors everybody who has money to invest—even the most cynical capitalist —would only be too glad to put money into the Loan. It is strange, while so much attention has been given in the last couple of years to politics, and the political aspects of the Treaty, little or nothing has been said about the financial side of it. That may be the case because there is a reference in the Treaty to the war debts the Free State may have to meet. On the other hand, there are claims, which will come before a Commission of Inquiry one of these days, to settle financial questions between the two countries. These are little thought of. They are too complicated to be given in figures, requiring as they do calculation and adjustment, but a few general facts can be stated that seem to me to be very important. When investigated they will show that large assets are the property of the Irish Free State, and that the Loan we are now negotiating is a very negligible sum, one that could easily be repaid, almost at any time.
We all know that before the Union Ireland was an independent State. When Ireland was included in the Union 123 years ago, it went in as an equal in right with England. Between them the two countries built up a great financial system that extends all over the world. Ireland was not a vassal State, but an equal in rights and a partner with Great Britain. That great financial system was built up to a great extent by the energies, the brains and sinews of Irish civilians and Irish soldiers. Ireland undoubtedly is entitled to a share of the assets of the United Kingdom, including a share of the arms, armaments, fleets, fortifications, Crown colonies, possessions, and every house and store put up by the Government of the United Kingdom in every part of the world. After the Great War there was a surplus of perhaps £1,500,000 of munitions, most of which have since been disposed of and the proceeds put to the reduction of taxes and not the reduction of debt. Ireland contributed about £50,000,000 a year during the war for the purchase of munitions, and is now entitled to a share of what was unexpended at the time of the Treaty. I might also mention the Suez Canal shares. They were bought many years ago for £3,000,000, and I believe they are now worth something like £20,000,000. These shares were bought partly by Irish money, and Ireland is entitled to a share of what they are now worth. These are only a few of many outstanding items that can be investigated when the Treasury accounts are examined. They are valuable assets unless it is alleged that the United Kingdom or the British Empire is bankrupt. Everyone knows that that is not the case, but that they are going concerns. During the last 100 years an immense amount of Irish money was invested in keeping up that Empire. When Ireland separates from England, England is not entitled to say: "We agree to political separation, but we will keep all the assets." Ireland is a separate nation with equal rights, and is entitled as a partner to a share of the assets. England is not entitled to say, "You must go out naked into the world, and you must borrow money to set up your new household." We cannot allow the English Government, to use a vulgar phrase, to bolt with the swag while we are let in for the debts. I know that the English Government is proceeding as if it were the sole inheritor and the sole representative of the now defunct United Kingdom. That Government, as we know through long experience, is apt enough to seize upon what belongs to other nations. It is for us to see that when the Commission is set up, Ireland claims her share of the assets of the United Kingdom. I think it is well that these things should be understood, especially at the present time. It is well that it should be known we have vast assets which would easily pay the debt for which the Loan is required. When the time comes, if our Government is worth its salt— as I am sure it will be—it will see that we get our share of these assets. This, I think, raises Constitutional questions which are not thoroughly understood in either England or Ireland. I feel confident that when our side is explained it will be seen that we are entitled to a share of the assets of the United Kingdom. The very fact that it is set down in the Treaty that Ireland must be responsible for a share of the debts of the United Kingdom is absolute proof that we are also entitled to a share of the assets.
