asked the Minister for Industry and Commerce what sum of money is still outstanding on foot of a trade loan guarantee to the Silvermines Lead and Zinc Company; whether his consent was sought and given to the recent agreement whereby a Canadian group acquired portion of the shares of the company; whether he is satisfied that it was not possible to secure a better agreement; and if he will make a statement on the matter.
Ceisteanna—Questions. Oral Answers. - Silvermines Lead and Zinc Company.
23.
A sum of £156,500 is outstanding on foot of trade loan guarantees. The company has recently sought my consent to an agreement which has been negotiated with a Canadian group. My consent to the agreement is necessary because of the possible consequences as regards the repayment of the trade loans. I have not yet completed my examination of the agreement from this standpoint, but I hope to do so in the near future.
You have not yet considered your information on this matter of the silvermines?
I said I have not yet completed my examination.
So we are still investigating. Is that the suggestion?
I have not yet completed my examination.
Will the Minister state if he has investigated the credentials of the people who are now claiming to own the silvermines?
They have been established for years. That is in private ownership. I cannot change that.
Is the Minister satisfied that the best offer available was presented to the shareholders?
That is under examination.
If the Minister is not satisfied, is it open to him to allow the shareholders to have a further period——
My only course of action is to refuse my consent to the agreement because of my interest in the trade loan.
Assuming the Minister is satisfied that a better offer is available, is it open to him to allow the shareholders to consider later offers?
I can only give or refuse my consent. It is a matter for the company to reopen the question of negotiation on the offers.