I think this is the appropriate section for me to raise what is in my mind. I am not quite clear whether I should raise the matter on this stage or on the Fifth Stage, but no doubt I will be pulled up quickly if I am transgressing. I object to the Minister acquiring these shares in this company, not because of the company itself, but because the company is being utilised to control other commercial enterprises. The Minister and I had an argument—and I return to it in respect of one particular point— on this matter on 16th April last at column 1582 of the reports of this House. The Minister in that debate stated that the shares of the Insurance Corporation of Ireland, Limited, which were held by Irish Shipping Limited were shares which were transferred to Irish Shipping Limited from the Industrial Credit Corporation. I challenged the Minister at the time, but he said he did not agree with me. Immediately after that debate, I had an opportunity of ascertaining the facts, and the facts are as stated by me, namely, that a holding of the Insurance Corporation of Ireland, Limited, shares, sufficient to create a majority and to control the company, were specifically created and given to Irish Shipping Limited, in consideration of the transfer of the marine insurance. That is the fact, and I want that fact to go on the record, in view of what occurred on the previous occasion. I do not see now why, particularly having regard to the present condition of the Irish Stock Exchange, in which there is a complete shortage of suitable industrial holdings, when it is without question a market in which the Minister could get rid of these shares at an advantage to the State, it is necessary for Irish Shipping Limited to retain control of a purely commercial and industrial undertaking like the Insurance Corporation of Ireland.
The Minister told us also on that occasion that having the secretary of his Department as chairman of the Insurance Corporation of Ireland was a purely temporary arrangement. Apparently the Minister's view of the word "temporary" and mine differ, because six months have passed, and, so far as I am aware, the position is still the same. It appears to me quite clear that it would be to the advantage of the State, to the advantage of the public, in pursuance of the powers taken in this Bill over Irish Shipping Limited, if the Minister directed the company to place on the market, with such restrictions as may be desirable —with a provision that the shares should be held only by Irish nationals; I would not object to that in the slightest—for disposal amongst the ordinary Irish investing public the control at present exercised through Irish Shipping Limited by the Minister over what should be an ordinary commercial undertaking. If that were done, I feel that it would redound to the credit of Irish Shipping Limited.