asked the Minister for Industry and Commerce whether he is aware that the interest in the Westport Thread Company which was held in England has recently changed hands, and if he will state what proportion of the capital of the Westport firm is held in England and what proportion is held in Ireland.
Ceisteanna—Questions. Oral Answers. - Westport Thread Company's Capital.
According to the latest information available one-half of the capital of the Irish Sewing Cotton Company, Ltd., Westport, is held in England, and one-half in Ireland. Beyond reports which have appeared in the Press I have no information as to the matter referred to in the first part of the question.
Arising out of the Minister's reply I want to ask if in view of the fact that he granted a monopoly to a Leicestershire company for the manufacture of thread and refused to permit Messrs. J. & P. Coats to undertake the manufacture of thread in this country, would he not conceive it to be his duty to inquire now whether the Leicestershire firm to whom he granted a monopoly to manufacture cotton thread in this country has actually sold that monopoly to the Coats firm for a large financial consideration—actually sold it to a firm who were prepared to come in here and manufacture thread without any consideration at all in that way? I want further to ask whether the Minister thinks it right to use the powers that have been conferred on him by this House in such a way as to create assets for an English company which assets they could sell to another English company for a large consideration?
I granted no licence for the manufacture of cotton thread to a Leicestershire company and no Leicestershire company has any such licence. Therefore, the other parts of the Deputy's question do not arise now. The licence which was granted in respect of the company cannot be transferred without my consent.
Is not the Minister aware that notwithstanding what he has said just now, the facts are that the interest of the Leicestershire firm has been, in fact, transferred to Messrs. J. & P. Coats who are going to carry on the business?
The Deputy has more information about that matter than I have.
If the Minister would make inquiries into the matter he will find that my information is correct.