Committee Reports > List of Committees > Dáil > 1940 > Committee of Public Accounts > Interim and Final Report - Appropriation Accounts 1939 - 1940

APPENDIX XI.

PEAT FUEL DEVELOPMENT

The Clerk,

to the Committee of Public Accounts.

In the course of my examination before the Committee of Public Accounts on 29th ultimo I undertook to furnish certain information as to the debentures given by the Peat Fuel Company, Ltd., in respect of certain Grants-in-Aid.

The Grant-in-Aid amounting to £35,000 in the year 1937-38 was secured by a Mortgage Debenture dated 22nd April, 1937, specifying interest at 4 per cent. with a proviso that no demand for the payment of such interest should be made until 1st April, 1939. In view of the financial position of the company at and subsequent to that date no demand was made.

The Grant-in-Aid amounting to £30,000 in the year 1938-39 was secured by a Mortgage Debenture dated 30th August, 1938, specifying interest at 4 per cent. with a proviso that no demand for the payment of such interest should be made until the 1st August, 1940.

The Peat Fuel Company, Ltd., has been acquired by the Turf Development Board, and the expenditure arising out of the acquisition will appear in the Appropriation Account of the Department of Industry and Commerce for 1939-40. It is unlikely that the Turf Development Board will be required to accept responsibility for the repayment of either the capital or interest secured by these debentures.

(Signed) JOHN LEYDON,

Accounting Officer,

Department of Industry and Commerce.

5th June, 1940.