Location: Mansion House Oak Room. Private meeting.
The ACTING-PRESIDENT: I will now take up the Financial Statement and the Votes of Credit.
Having read the Financial Report he moved that the following Votes of Credit be passed:
£1,000 being the amount asked for by the Department of Agriculture for preliminary expenses in connection with the Agricultural Loan Bank.
National Co-operative Mortgage Bank, Banc na Talmhan; based on existing models in Germany, Austria and Hungary; aimed to loan money to land purchase societies as well as individuals.
£1,300, being the amount asked for by the Standing Committee, Sinn Fein, in connection with certain expenses incurred by them before the Dáil came into being.
£5,000, being the amount asked for by the Ministry to cover contingent expenses and eventualities.
W.T. COSGRAVE (Kilkenny N.) seconded the motion.
J.N. DOLAN (Leitrim Co.) desired to know how far the arrangements in regard to the establishment of the Agricultural Loan Bank had progressed, and now soon the scheme would be in working order.
The SECRETARY FOR LOCAL GOVERNMENT, replying on behalf of the Director of Agriculture, stated that the preliminary arrangements were almost complete and that the appointment of a suitable manager was now receiving attention.
DR. CROWLEY (Mayo N.) also asked for information as to the Agricultural Loan Bank. There was a farm of 120 acres for sale in his constituency, and a number of young men were anxious to secure it. Was Dáil Eireann going to advance the money straight off in cases of this kind? What was this vote of £1,000 to be applied to?
THE SECRETARY FOR DEFENCE: This £1,000 is for the organisation expenses of the Bank. The money for the purchase of land will not be available until the Bank is organised and sufficiently equipped to do business.
J.N. DOLAN (Leitrim Co.) said that similar cases to that referred to by the Teachta for North Mayo had occurred in his constituency. He urged the Ministry to hasten matters, and in case the organisation was perfected before the next meeting of the Dáil that money should be placed in the hands of the Director of Agriculture in order to allow of the purchase of these farms as they came into the market.
THE SECRETARY FOR DEFENCE stated in reply that no money could be made available until the scheme had been organised and the Societies set up. He suggested that the vote for the use of the Ministry be increased to £8,000.
THE ACTING-PRESIDENT agreed with the Secretary for Defence. As regards the Land Scheme, it would be preposterous to expect that money be voted before it had been collected.
After further discussion the Motion for the Vote of Credit for £1,000 in connection with the Organisation Expenses of the Land Mortgage Bank was put and carried unanimously.