asked the Minister for Industry, Commerce and Energy if in view of the recent price increase granted to oil companies and their request for yet a further increase, he will arrange an investigation of the accountancy procedures of the international oil companies with particular attention to the declared profits of these companies.

I do not think that there would be a great deal to be learned, by way of information of continuing value, from an investigation of the accountancy procedures of the international oil companies. Furthermore, such an investigation, if it were to be effective, would have to extend to their operations all over the world and it is doubtful if we would have the necessary jurisdiction to enable this to be done.

In any event I am satisfied that so far as our requirements are concerned a better knowledge of international pricing mechanisms rather than accountancy procedures is desirable. A firm of specialists have been engaged to carry out a detailed study of this subject and I expect to receive their report in the near future.

In consideration of an application for an increase in price does the National Prices Commission consider the available supplies that companies have in their possession before granting the increase? Do they consider the stocks already held by the companies?

I am not in a position to speak for the NPC on their precise approach to a matter of such detail but I would not think they do. I believe they look at current costs.

Would the Minister agree that his colleague, the Minister for the Environment, when in Opposition, pointed to the fact that when such companies applied for an increase it was in respect of stocks they had for a long time?

Unhappily, our position at present is that stocks are not as great as one would wish them to be, for obvious reasons.

17.