I would like to take this opportunity to repair the omission in my earlier remarks and also to supplement what Senator Dowdall said as to the causes of unemployment. A more important cause than any that has been mentioned is in connection both with the rates of Income Tax and its administration. The rates themselves as compared with England are only a very small difference, but they act as an impediment to the inflow of capital for industrial development. Not only do they act as an impediment to the inflow of outside capital, but they act as an impetus to the outflow of capital for investment abroad. A far greater impediment, however, is the administration. We have no very attractive securities to offer, but even if we had the same security equal to that available in any other country, we have this fact of the double deduction of tax, with the most elaborate and perplexing methods of recovery. I know, of my own personal knowledge of investors in England, who have deliberately sold their Irish securities in order to get rid of all this trouble. That is to say, you have people selling Irish securities on account of these Income Tax recovery perplexities, and the difficulty of obtaining a repayment even if ultimately you do gain a repayment. This will not help to bring any fresh capital into the Saorstát. I entreat the Government to give their earnest consideration to this matter. As things now are, they cannot look with any confidence to outside capital being brought in to any great extent for the development of our industries.

The Railways (Directorate) Bill, 1924, is still under discussion in the Dáil.