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 up 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 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). ^Continued from page 57 While such a Council would have overall re sponsibility for education, the individual societies w 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.

# 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.

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.

ORDINARY GENERAL MEETING

i This meeting and other Lectures and functions I will be held in Westport, Co. Mayo, from Fri- j day, 9th May to Sunday 11th May, 1795. !

56