The principal purpose of the Bill is to increase the statutory limit of the amount of grants which may be made to Córas Tráchtála to enable that body to continue the work of promoting, assisting and developing Irish exports.
The Export Promotion Act, 1959, under which Córas Tráchtála were established, fixed at £1 million the total amount of grants which might be made to the board out of moneys provided by the Oireachtas. Subsequent Export Promotion Acts raised this limit. The latest one, in 1971, raised it to £15 million and the present Bill proposes to raise it to £25 million.
It is 15 years since the Export Promotion Act of 1959 set up Córas Tráchtála as a statutory board, taking over the functions of Córas Tráchtála Teoranta. During that period Córas Tráchtála have made a notable contribution to developments which have brought total exports from the level of £130 million in 1959 to almost £870 million in 1973.
There is little need for me to emphasise to this House that moneys made available to Córas Tráchtála are well spent. Senators are well aware of the vital importance of the board's task and of the efficiency of their operations. As industrial activity expanded in volume and range over the years Córas Tráchtála's operations were extended to provide exporters with the aids and services they needed to assist them in opening up new markets and consolidating their position in existing ones. The board have been quick to respond by the provision of new services as they saw exporters' needs for them developing, and they keep those services under constant surveillance to ensure that they cater for changing trends in marketing.
While exports to all our markets are showing sustained annual increases, those to the original six EEC member states show the greatest rate of increase —up by 75 per cent in value terms last year compared with 1972. In addition Irish exporters have begun to aim at new targets in Japan, the Middle East, Eastern Europe, Australia and South America. Ireland is also concerned in the movement towards free trade between the Community and other nations, and is progressively participating in a trading complex involving the EEC and more than 90 other countries. While all of these developments manifestly signify further opportunities for Irish exporters, they also create the need for an increasing degree of marketing intelligence and other facilities.
Córas Tráchtála are playing a very important role in this area. In addition to the many and varied services provided at home, an invaluable source of assistance to exporters is the overseas office network of Córas Tráchtála which is at their disposal. Córas Tráchtála now have 15 overseas offices—in Britain, USA, Canada, Australia, Lebanon, France, Austria, Germany, USSR, Belgium, Italy and Japan, with plans advanced for a further office in Copenhagen.
All of these developments create opportunities for exporters but they also call for an ever-increasing level of expenditure on the part of Córas Tráchtála, especially as they are subject to inflationary pressures at home and abroad. From its establishment in 1959 to 31st March of this year the aggregate of payments to the board by way of grant-in-aid amounted to £13,800,885, which left a balance of £1,199,115 out of the existing statutory limit of £15 million. This is less than the board's financial requirements up to the end of the current financial year, which amount to £1,755,000.
I am sure that Senators will agree that Córas Tráchtála must have adequate funds for their work, on which successful export promotion depends so much. I confidently recommend an increase of £10 million in the statutory limit on the grants which may be allocated to Córas Tráchtála.