If the Minister does not want that matter discussed I will not do so. I am perfectly free to raise that special point by motion at any time. The Minister knows what I am referring to. It is a matter of considerable importance. Another point on which the report is unilluminating is on the matter of rates—the responsibility of the Board in the matter of rates. Certain developments have taken place since the report. They are not of the same delicate nature as the matter already mentioned, and they arise out of the auditor's certificate. Can the report definitely say that any provision has been made for the payment of rates applicable to property in the occupation of the Electricity Supply Board? As the Minister knows, there have been certain questions in the Dáil on that matter. There was, I submit, a reply amounting to an admission that certain properties in the occupation of the Board were liable for rates, and early legislation was promised to settle the matter, but no legislation has been introduced, and certain public authorities think it very wrong that they did not receive the rates or something representing rates on the property that had been acquired by the Board.
It is the same in regard to income tax. That is again a point on which no reference has been made. I do not want to pursue the matter although by implication the Minister for Finance suggested that the profits of the Electricity Supply Board would be liable to taxation. In the matter of statistics, I admit quite readily that possibly there would not be much use in statistics unless they were accompanied by a report of similar undertakings in other countries. I have studied the report of the Electricity Commission in Victoria, in South Africa, and also in Ontario.
I hope the Minister will agree that there should be from next year onwards a table giving the statistics that are usually given by large electrical undertakings. I am not prepared to say what precise form these statistics should take, but they should give the number of units generated, the net output, the efficient transmission power and so on. They would be of interest to the electrical profession and to the general public.
Turning to the accounts, I have referred to the auditor's certificate, where he mentions that no provision has been made for rates. I would also draw the attention of the House to this item, "The amount shown due to sundry creditors for materials purchased, constructional work carried out, and expenses incurred, has not been fully vouched by us, due to the fact that statements in verification of some of the amounts shown due in the books to creditors were not available." It is hard to say what lies behind the auditor's qualification. Of course when auditors qualify a statement they generally do not put in a note like that without having made every effort to get information. That is the ordinary practice. Auditors only put in notes after failing to receive information which they consider they were entitled to.
Turning to the accounts themselves I do not know if many members have copies of the report in their hands. I have nothing to say on the revenue account. I hope in future that these items for generation costs and distribution costs will be sub-divided to show what proportion are salaries and what proportion are materials and overhead charges. At the moment I need not be precise, but certainly it will not be satisfactory later on if there is merely one item for generation costs without sub-division. The item interest on loans is a specially important one on which I suggest even now more information might be given. Interest on loans is shown as the comparatively small item of £1,300 and yet during that period advances were made to the Board by the Minister for Finance to the extent of a quarter of a million. I suppose the explanation is this sum of a quarter of a million may have been in the hands of the Supply Board only for a very short time, and that the interest might be a comparatively small sum. Another explanation might be —and probably is—that the interest is charged to capital. If so, I would suggest that it should appear definitely as such. It could be charged to the capital account as a sum representing interest, or it might be brought into the revenue account on one side, and shown as a payment out on the other side. One is not a purist in the form that these things take as long as they are clear. There are many ways of giving information. It is reasonable to ask that the account should be full and explicit.
With regard to the two items on the credit side of the capital account, I would suggest to the Minister that further information is due to the House. A sum of £275,000 is shown as received from the Minister for Finance as advances under Section 12 of the Electricity Supply Act of 1927. Under that section, advances are dealt with under two sub-sections. On sub-section (2), £600,000 is to be advanced to the Supply Board to meet interest on maintenance during the period of construction. I would suggest receipts in this respect should in future be shown separately and designated as sums advanced under Section 12 (2). Sub-section (3) states that a sum of £2,500,000 will be, in course of time, paid to the Electricity Supply Board or be advanced for the purposes of distribution and construction. I suggest that that item should also be shown separately. In the same way I suggest that any expenditure against the £600,000 or on the £2,500,000 be shown separately in the capital account, and, if revenue, in the revenue account. In the present case the matter is less important, as the sums are small; but next year, if we have not the information, it will be difficult to trace the financial operations of the Board. I am not bringing this motion forward in any spirit of provocation. I am sure we all wish that this information should be clear to laymen, and not merely to expert accountants.
I would like to call attention to one matter in the balance sheet. A small sum is provided this year for the redemption of loans. I have examined the manner in which such provision is treated in certain other electricity supply accounts, and in all cases the money set aside for redemption is invested in liquid securities. I have the accounts of the South African Electricity Supply Board here, and provision is made on the liability side for repayment of borrowed money, to the extent of £189,000, and on the other side is set out the exact security in which that sum is invested. There is a danger, I suggest, that moneys like that may be set aside and put back into the business, and not kept liquid, which I suggest is not good finance. It is money definitely due for repayment; it should be kept liquid, and the nature of the security should be shown. I also suggest that the operation dealing with the sale of appliances ought to be kept separate, so that one could see what progress, if any, resulted from that activity. These are the points I wish to make, and I hope that, as far as they can, they will be embodied in the accounts now due and which I suggest might be issued rather sooner than January. It should be possible to issue the account at least within six months. The present accounts were not issued until January, nine months after the date of closing.