Committee on Finance. - Industrial Alcohol Bill, 1938—Money Resolution.

I move:—

Chun críche Acht ar bith a rithfear sa tsiosón so chun socruithe do dhéanamh chun cuideachta do bhúnú agus do chlárú dar príomh-chuspóirí alcól ceárdais do dhéanamh agus do dhíol, chun socruithe do dhéanamh chun na cuideachtan san do thógaint tailimh go héigeanta agus do dhéanamh agus do chothabháil agus d'oibriú oibreacha iompair, chun socruithe do dhéanamh chun sócmhainní agus fiachaisí an ghnótha do bunuíodh fén Acht Alcóil Cheardais, 1934, d'aistriú chun na cuideachtan san, chun socruithe do dhéanamh chun déanamh alcóil cheárdais do rialáil agus do stiúradh agus chun socruithe do dhéanamh i dtaobh nithe eile bhaineas leis na nithe roimhráite, go bhfuil sé oiriúnach a údarú—

(1) go n-íocfaí amach as airgead a sholáthróidh an tOireachtas costaisí ar bith fé n-a raghfar fén Acht san agus ná deintear socrú speisialta ar shlí eile ina dtaobh leis an Acht san;

(2) go dtabharfaí suim nach mó ná £1,500 ar iasacht don chuideachtain sin roimhráite as airgead a sholáthróidh an tOireachtas;

(3) go n-íocfaí amach as airgead a sholáthróidh an tOireachtas aon chongnach airgid a deonfar don chuideachtain sin fén Acht san;

(4) go roimh-íocfaí amach as an bPrímh-Chiste no as a thoradh fáis an t-airgead uile bheidh ag teastáil o am go ham ón Aire Airgeadais—

(a) chun íocaíochtaí do dhéanamh is gá dhó do dhéanamh leis an gcuideachtain sin alos aon scaireanna dá shub-scríobhfaidh no dá dtógfaidh fén Acht san, no

(b) chun suimeanna d'íoc a thiocfaidh chun bheith iníoctha fé urraíocht ar bith do bhéarfa sé uaidh fén Acht san alos airgid a bheidh urruithe le bintiúirí do bhéarfaidh an chuideachta san amach;

(5) go roimh-íocfaí amach as an bPrímh-Chiste no as a thoradh fáis na suimeanna san a bheidh ag teastáil o am go ham chun suimeanna ar bith d'íoc a thiocfaidh chun bheith iníoctha ag an Aire Tionnscail agus Tráchtála fé urraíocht ar bith do bhéarfa sé uaidh fén Acht san maidir leis an gcuideachtain sin do ghlanadh fiachaisí áirithe;

(6) go gcuirfí mar mhuirear ar an bPrímh-Chiste no ar a thoradh fáis colann agus ús aon urrúsanna do bhéarfar amach fén Acht san agus na costaisí fé n-a raghfar i dtaobh na n-urrúsanna san do thabhairt amach.

That for the purpose of any Act of the present session to make provision for the formation and registration of a company having for its principal objects the manufacture and sale of industrial alcohol, to make provision for the compulsory acquisition of land and the construction, maintenance and operation of transport works by such company, to make provision for the transfer to such company of the assets and liabilities of the undertaking established under the Industrial Alcohol Act, 1934, to make provision for regulating and controlling the manufacture of industrial alcohol, and to make provision for other matters connected with the matters aforesaid, it is expedient to authorise—

(1) the payment out of moneys provided by the Oireachtas of any expenses incurred under such Act and not otherwise specially provided for by such Act;

(2) the loan to the aforesaid company out of moneys provided by the Oireachtas of a sum not exceeding £1,500;

(3) the payment out of moneys provided by the Oireachtas of any subsidies granted to such company under the said Act;

(4) the advance out of the Central Fund or the growing produce thereof of all moneys from time to time required by the Minister for Finance—

(a) to meet payments required to be made by him to the said company in respect of any shares subscribed for or taken up by him under such Act, or

(b) to meet sums which may become payable under any guarantee given by him under such Act in respect of moneys secured by debentures issued by the said company;

(5) the advance out of the Central Fund or the growing produce thereof of such sums as may from time to time be required to meet any sums which may become payable by the Minister for Industry and Commerce under any guarantee given by him under such Act of the discharge of certain liabilities by the said company;

(6) the charge on the Central Fund or the growing produce thereof of the principal of and interest on any securities issued under such Act and the expenses incurred in connection with the issue of such securities.

What is the amount of money that the Minister expects is involved in this? That is a usual question to ask. How much over or under £500,000 is involved in the Resolution?

The capital of the company has been fixed at £500,000, but, in fact, the immediate capital requirements are £356,000. In fixing that, we were providing for possible future capital expenditure. Capital expenditure to date has been £266,000, and then it is estimated that before the appointed day there will be a further expenditure on capital account of £4,000, and, as I informed the Dáil on Second Reading, it is proposed to capitalise the excess cost on the first year's working, the interest on the capital for the first year, and the royalties which are payable to the firm that has given the Government technical advice in relation to the industry, which are payable over a period of four years; and also to provide working capital of £30,000. That brings the present figure for capital expenditure of £266,000 up to £356,000. That company has been formed with a nominal capital of £500,000, because it was anticipated that further capital expenditure may arise, although we are not in a position at the moment to say that it will arise, because no decision to go beyond the £266,000 has been taken.

The total sum is £500,000.

The total nominal capital of the company to be formed is £500,000.

But that does not take into account the cost of the extensions, the acquisition of land, and so on.

The whole of the capital expenditure to date, including all these items, is £266,000.

But there are potential clauses in the Bill which give power to acquire land and so on. There is no sum mentioned in the Money Resolution in respect to that. I take it that the £500,000 simply deals with the possible discharge of the £356,000, and so far as the extensions are concerned, that they are within the figure of the £144,000.

Question put.
The Committee divided—Tá: 55; Níl: 32.

  • Aiken, Frank.
  • Allen, Denis.
  • Bartley, Gerald.
  • Beegan, Patrick.
  • Boland, Gerald.
  • Brady, Brian.
  • Brady, Seán.
  • Breen, Daniel.
  • Briscoe, Robert.
  • Carty, Frank.
  • Cleary, Mícheál.
  • Davis, Matt.
  • Derrig, Thomas.
  • Dowdall, Thomas P.
  • Flynn, John.
  • Fogarty, Andrew.
  • Fogarty, Patrick J.
  • Friel, John.
  • Fuller, Stephen.
  • Gorry, Patrick J.
  • Harris, Thomas.
  • Hogan, Patrick.
  • Humphreys, Francis.
  • Kelly, James P.
  • Kelly, Thomas.
  • Keyes, Michael.
  • Killilea, Mark.
  • Larkin, James.
  • Lemass, Seán F.
  • Little, Patrick J.
  • McEllistrim, Thomas.
  • MacEntee, Seán.
  • Maguire, Ben.
  • Meaney, Cornelius.
  • Moore, Séamus.
  • Morrissey, Michael.
  • Moylan, Seán.
  • Munnelly, John.
  • Murphy, Timothy J.
  • O Briain, Donnchadh.
  • O'Brien, William.
  • O'Grady, Seán.
  • O'Reilly, Matthew.
  • O'Rourke, Daniel.
  • O'Sullivan, Ted.
  • Pattison, James P.
  • Ryan, James.
  • Ryan, Martin.
  • Sheridan, Michael.
  • Smith, Patrick.
  • Traynor, Oscar.
  • Victory, James.
  • Walsh, Laurence J.
  • Walsh, Richard.
  • Ward, Conn.

Níl

  • Anthony, Richard S.
  • Bennett, George C.
  • Benson, Ernest E.
  • Bourke, Séamus.
  • Brasier, Brooke.
  • Brennan, Michael.
  • Brodrick, Seán.
  • Browne, Patrick.
  • Byrne, Alfred (Junior).
  • Coburn, James.
  • Cole, John J.
  • Cosgrave, William T.
  • Daly, Patrick.
  • Dillon, James M.
  • Dockrell, Henry M.
  • Doyle, Peadar S.
  • Fagan, Charles.
  • Fitzgerald-Kenney, James.
  • Giles, Patrick.
  • Gorey, Denis J.
  • MacEoin, Seán.
  • McGovern, Patrick.
  • McMenamin, Daniel.
  • Minch, Sydney B.
  • Morrissey, Daniel.
  • O'Donovan, Timothy J.
  • O'Higgins, Thomas F.
  • O'Shaughnessy, John J.
  • O'Sullivan, John M.
  • Rogers, Patrick J.
  • Ryan, Jeremiah.
  • Wall, Nicholas.
Tellers:—Tá: Deputies Little and Smith; Níl: Deputies Doyle and Bennett.
Question declared carried.