asked the Minister for Industry and Commerce whether he will state the amount of the net adverse balance, if any, in the external trade of the Irish Free State, allowing for invisible exports and imports, in the years 1922, 1923, 1924, 1925 and 1926 respectively; and the amounts of the different items of invisible trade in 1926.
CEISTEANNA—QUESTIONS. ORAL ANSWERS. - ADVERSE TRADE BALANCE.
Balance of trade: The c.i.f. value of imports of goods into the Saorstát exceeded the f.o.b. value of exports of goods whether imported or exported by parcel post or by ordinary trade channels, by—
|
£17,306,000 |
in 1924 |
|
£18,569,000 |
in 1925 |
|
£19,329,000 |
in 1926 |
Corresponding figures are not available for any year prior to 1924.
The invisible exports and imports for which estimates or exact figures are available were, in total—exports, £17,810,000; imports £9,156,000.
EXPORTS.
|
£ |
|
|
Estimated Income from investments abroad, 1925-26 |
11,000,000 |
|
Estimate of Emigrants' remittances from U.S.A., less passage and travelling money in 1925-26 |
2,200,000 |
|
War Pensions paid by the British Government to persons living in Saorstát Eireann, 1924-25 (1925-26 figure not available) |
2,347,000 |
|
Compensation paid in 1925-26 by British Government in respect of damage to property and personal injury |
709,000 |
|
Estimate of interest on Irish Bank Loans to money markets, approx |
250,000 |
|
Net exports of Specie, 1925 |
86,000 |
|
Quarterly adjustment of P.O. transactions, 1925-26 |
1,218,000 |
|
£17,810,000 |
|
IMPORTS.
|
£ |
|
|
Estimate of profit on investments of foreign capital in Saorstát Eireann, 1925-26 |
3,700,000 |
|
Land Purchase Annuities, 1925-26 |
2,984,000 |
|
Pensions, ex-R.I.C. and Judicial, 1925-26 |
1,345,000 |
|
Local Loans Fund, 1925-26 |
753,000 |
|
Other known debit items (annuities arising from expenditure under the Telegraph Acts and Military Works Act, malicious damage before truce, etc., 1925-26) |
374,000 |
|
£9,156,000 |
|
The value of the invisible exports given above exceeded the value of the invisible imports by approximately £8,700,000 in 1925-26, compared with £9,400,000 in 1924-25, or taking the visible trade into account the value of imports visible and invisible (as far as their value is known) exceeded the value of exports by £8,800,000 in 1924-25, and by £10,500,000 in 1925-26. This, of course, does not mean that there is a drain of capital to that extent, but merely that complete statistics are not available as to how the gap is bridged. In this respect this country is no worse off statistically than the great majority of other countries. It has not, for instance, yet been possible to estimate even approximately capital investments in Great Britain or other countries, salaries and commissions of agents in the Saorstát, money spent in the Saorstát by travellers from other countries, net earnings of British insurance companies in the Saorstát, money spent by Saorstát travellers abroad, and many other similar important items.
In view of the inadequacy of the statistics available, will the Minister state on what his estimate of the invisible trade has been based?
I do not get the sense of the Deputy's question.
I want to know on what facts has the Minister based his estimate of the invisible imports and exports?
I can read the figures, if necessary. I have them here.