"That the Dail authorise the Ministry to promote the establishment of an Import and Export Company and to invest in it if they see fit, a sum not exceeding £150,000."
He stated that the reason for such a large investment by the Dail was to ensure that they would retain control of the Company. It might be possible by floating a holding Company to secure control by investing a smaller amount, and this was being gone into. As long as the Dail controlled the Company it could not be bought up by any English concern. The Director also said that the agents of this Company could assist and co-operate in maintaining the consular service of the Dail which was at present costing a large amount. The main ideas underlying the scheme were stated in his report.
EOIN MACNEILL (Derry City and National University) seconded the motion.
The FINANCE MINISTER observed that a very large amount of money had been voted at the present session. He agreed that the formation of a Company such as that outlined was very desirable. He did not like voting sums of money if they were not available, but when they got the funds from America he thought they should go into the scheme. He suggested that the Director of Trade and Commerce should get the advice of old experienced financial hands to work out the scheme for the Holding Company, and he thought that if the amount required to be invested could be brought down to about £50,000 the thing should be gone on with.
D. KENT (Cork East) suggested that the Ministry should be empowered to deal with the matter.
THE MINISTER FOR DEFENCE asked if they were to be empowered to use the £150,000 provided the funds were got from America?
The motion was agreed to.