COMMITTEE ON FINANCE. - DAIL EIREANN LOANS AND FUNDS BILL: MONEY RESOLUTION. MOTION BY MINISTER FOR FINANCE.

Chun críche aon Achta a rithfar sa tSiosón so chun forálacha do dhéanamh chun deighleál le maoin Chéad Dháil Eireann agus Dhara Dháil Eireann agus chun na hiasachtaí a bhunuigh an Chéad Dháil Eireann agus an Dara Dáil Eireann agus na fiachaisí atá ortha d'fhuascailt no d'íoc, go bhfuil sé oiriúnach a údarú,

That for the purpose of any Act of the present Session to make provision for the disposal of the property of the First Dáil Eireann and the Second Dáil Eireann and for the redemption or discharge of the loans floated by and the liabilities of the First Dáil Eireann and the Second Dáil Eireann it is expedient to authorise,

(a) go gcuirfar ar an bPrímhChiste muirear an mhéide is iníoctha mar gheall ar Chairteacha Coigiltis agus Cairteacha Stuic a tabharfar amach chun na hiasachtaí roimhráite d'fhuascailt agus muirear na gcostaisí fé n-a raghfar chun na Cairteacha san do thabhairt amac agus d'fhuascailt,

(a) the charge upon the Central Fund of the amount payable in respect of Savings Certificates and Stock Certificates issued for the purpose of the redemption of the aforesaid Loans, and of the expenses incurred in connection with the issue and redemption of such Certificates;

(b) go gcuirfar ar an bPrímhChiste muirear colann agus ús Urúsanna a thabharfaidh an tAire Airgid amach chun suim no suimcanna,nách mó san iomlán ná dhá mhilleon dhá chéad is caoga míle punt, d'fháil ar iasacht chun na suimeanna a cuirfar ina muirear ar an bPrímh-Chiste fén Acht san d'íoc;

(b) the charge upon the Central Fund of the principal and interest of Securities issued by the Minister for Finance for the purpose ofborrowing a sum or sums not exceeding in the whole two millions two hundred and fifty thousand pounds to meet the sums charged on the Central Fund under such Act;

(c) go n-íocfar amach as airgead a sholáthróidh an tOireachtas gach fiachas, costas agus íocaíocht fé n-ar chuaidh Iontaobhaithe Dháil Eireann le ceart i bhfeidhmiú a ndualgais agus ná beidh íoctha ná glanta ar aon tslí eile ar dháta rithte an Achta san, gach costas agus caitheamh i dtaobh an mhaoin atá dílsithe in Iontaobhaithe Dháil, Eireann no fé n-a gcúram d'aistriú chun an Aire Airgid, na costaisí fé n-a raghaidh an tAire Airgid chun íoctha aon fhiachaisí a bheidh air de dheascaibh scaireanna áirithe i mBanc Náisiúnta na Talmhan, Teoranta, d'aistriú chuige, agus aon chostaisí eile fé n-a raghfar chun an tAcht san do chur in éifeacht.

(c) the payment out of moneys to be provided by the Oireachtas of all liabilities, expenses and payments properly incurred by the Dáil Eireann Trustees in the execution of their duty and not otherwise paid or discharged at the date of the passing of such Act, the costs and expenses of transferring to the Minister for Finance the property vested in or under the control of the Dáil Eireann Trustees, the expenses incurred by the Minister for Finance in the discharge of any liabilities imposed on him consequence of the transfer to him of certain shares in the National Land Bank, Limited, and any other expenses incurred in carrying such Act into effect.

The message prescribed by the Constitution has been received from the Governor-General recommending this expenditure. This is the Resolution to enable the expense to be met which will be incurred in carrying out the Dáil Eireann Loans and Funds Bill, 1923, if passed. The amount of two and a quarter millions will be made up somewhat as follows: The Home Loan is £378,130. The External Loan amounts to £1,302,150. Taking the rate of exchange to-day for the purpose of making a calculation, at 4.45, it is impossible to know what it may be later, but should the rate of exchange continue to go against us, it might be necessary for the purpose of meeting our obligations to come to the Dáil again. On the other hand, the exchange rate may improve to such an extent that a lesser sum would enable us to redeem the dollars that we owe in America. The interest on the Home Loan will amount to £151,252, and the interest on the External Loan, assuming that it is not redeemed until 1926, would be £390,645. The total sum is £2,222,177, and if we are able to redeem speedily in America, and if we succeed in buying dollars at a favourable rate, the amount may be a great deal less than the sum mentioned in the Resolution. The sum mentioned will, unless there is great difficulty in the matter of exchange, cover the total charge.

Question put; and agreed to.