asked the Minister for Transport and Power if the recent development proposals for the B & I line will require subvention from Government funds.
Ceisteanna—Questions. Oral Answers. - B & I Development.
11.
There is no question of the B & I Company requiring State subvention. The company is trading profitably.
The company's capital requirements have been met so far mainly by borrowing with the result that too high a proportion of its existing capital is in the form of loans. The company has, therefore, a requirement for additional equity capital and the British and Irish Steam Packet Company Limited (Acquisition) (Amendment) Bill, 1970, already before the House will, if enacted, empower the Minister for Finance to take up 3 million additional ordinary shares of £1 each in the company. I will be giving the House full details of the company's position when the Bill is being given its Second Reading.