The Gazette 1975

•Continued from previous page

All nations (cxcept Germany) have chronic deficits

aue to oil prices. In Tokio and New York, Stock

Exchange prices fell 50-80%; they have since picked

somewhat. Inflation at the rate of 20%' rise in

commodity prices means a 100-300% rise in cost of

f o r k i ng capital. The problem of the need of capital

for stock and debts, of the rise in the cost of the raw

material and of labour and of the need of additional

finance due to these factors are paramount. In the

event of a stringent price control, delay in granting

such an increase in price would be a heavy burden

on a company. This would result in a falling--off in

demand and a recession could move into a slump.

In Ireland the agricultural community has relief in

guaranteed beef prices for 6 months. In 1976 there

could be a shortage of beef, so the price then could

oe exorbitant. Even so there is a better prospect for

investment, discounting the finds of natural resources

(as in Scotland and Norway, due to oil finds). In rural

Ireland, when a factory is set up, lack of discipline

creates real problems.

The greatest strength here would be the improve-

ment of the industrial and agricultural background,

but there will inevitably be great unemployment here

>n early Spring. Beyond that, the strength in the

agricultural Sector is the basis of our economy. The

manufacturing outlet has increased 9% this year. We

must try to provide 15,000 new jobs. The construc-

tion industry is hard hit here as in every country.

Many firms here are very small and have no capital

reserves. Irrespective of dialogue the next 5 or 10

years will depend on cither the spread of Communism

or spur of profitability. Business can expand on the

talent of the people in it and the money, either

generated internally or from outside, is the final wav

in which profits and borrowings are interwoven. It is

not possible to get one without the other. The diffi-

culty is to provide jobs and money in order to get

a minimum growth level, which for this year will be

nearer 1% and 2%, although 5% had wrongly been

forecast. It is a question of trying to adapt the profit

motive to the present day operation of business.

In view of great uncertainty, it is best to remain

as liquid as possible. It may be possible for an inter-

national monetary fund to obtain Arab money The

bulk of Arab funds are in 3 places — London monev

market, Frankfurt and New York, and mostly

invested in Gilt-edged securities in banks. They will

not come here, except through an international

monetary agcncy and they prefer hard currency. The

Eastern countries, under a managed economy have

minimised inflation, because dictation is accepted. We

will inevitably have to lower our standard of living

here. Banks have tremendous investments in industrv

in Germany where there are less public companies

today, than there were in 1919.

The final lecture was given on Sunday morning by

Mr. Brendan O'Brien, Chartered Accountant, on the

involved subject of "Farm Taxation and the Finance

Act, 1974". As it is not possible to summarise this

rjmplicated subject, anyone interested should obtain

this lecture, No. 84, from Mr. Spendlove.

Statutory Instruments

Diplomatic and Consular Fees (Amendment) Regula-

tions, 1974. S.I. No. 334 of 1974.

The purpose of these Regulations is to increase as

from 1 January, 1975, fees chargeable for services

rendered

under the Commissioners for Oaths

(Diplomatic and Consular) Act, 1931 (No. 9 of 1931)

and the Diplomatic and Consular Fees Act, 1939 (No.

3 1

of 1939).

European Communities (Ancillary Equipment for

Liquid Meters) Regulations, 1975. S.I. No. 32 of

1975.

These regulations are made to give effect, so far

as necessary, to Council Directive No. 71 /348/EEC on

the approximation of the laws of Member States

relating to meteorological control of ancillary equip-

ment for meters for liquids other than water.

^Continued from page 57

While such a Council would have overall

sponsibility for education, the individual societies

ould retain their autonomy in regard to their

academic degree courses.

Mr.

Hanratty concluded by saying that as 60% of

ffiose students who studied through King's Inns did

go on to practice at the Bar, a three-year course

Should be sufficient for them. For those who wished

o practice at the Bar, a further two years' course of

tudy at King's Inns and in the Law Library would be

desirable.

ORDINARY GENERAL MEETING

This meeting and other Lectures and functions I

will be held in Westport, Co. Mayo, from Fri-

day, 9th May to Sunday 11th May, 1795.