asked the Minister for Transport and Power the amount of State capital invested in Irish Shipping Limited; whether a loan has been created for the purpose of such capital; and if the loan is serviced from the assets of the company or from central Government funds.
Ceisteanna—Questions. Oral Answers. - State Capital in Irish Shipping Limited.
23.
The total State holding in Irish Shipping Limited is £9,281,719, consisting of £1 ordinary shares fully paid; this includes 98,000 shares transferred from Grain Importers (Éire) Ltd. for a nominal consideration, £102,000 paid from Voted Moneys in 1941/2 and £1,068,400 from the Capital Fund built up mainly from import levies. That portion of the holding, viz. £8,013,319 which was acquired by payment from the Central Fund involved borrowing by the State and the State services the necessary loans.
Irish Shipping Limited is precluded by its Articles of Association from payment of dividends. In accordance with Government direction all surplus earnings are devoted to the acquisition of new tonnage and the expansion of the dry-cargo fleet to the approved target of 200,000 tons deadweight, which is considered the minimum size fleet necessary to provide for the country's essential requirements in an emergency.
Could the Minister indicate the amount it costs to service that loan?
I am afraid the Deputy will have to ask another question.