Sir, – Joe Humphreys (Stories from the Revolution 1912-1923, supplement, May 22nd) has done your readers a disservice by misrepresenting the historical record regarding the redemption of Republican bonds and the assignment of some of these bonds to my grandfather for investment in the Irish Press. The facts are as follows.
The eventual redemption of these bonds had been accepted by Cumann na nGaedheal when in government. In 1933 when the redemption came before the Dáil, Desmond Fitzgerald TD moved an amendment aimed at denying assignees the benefit of redemption. In the course of the debate he quoted from a circular dated February 1930 from Frank P Walsh on behalf of the Irish Press fund- raising committee: “Whilst these funds are being solicited by way of donations, Mr de Valera will, of course, not derive personally any monetary profit from them. He intends to make the necessary and proper arrangements to ensure that if any profits accrue from the enterprise, or, if there should be any distribution of assets, such profits and the amount of any such distribution will be made available for the donors, according to their respective donations.” In reply my grandfather confirmed that appropriate arrangements had been made.
On January 14th, 1959, Noel Browne TD made certain unfounded allegations regarding Irish Press shares when he closed a debate on his motion of censure arising from the fact that my grandfather continued as controlling director of Irish Press Limited while holding the office of taoiseach. He had not made these allegations earlier in the debate, thereby ensuring that my grandfather would have no opportunity to reply in the debate. That night my grandfather wrote to the morning newspapers as follows:
“Sir – At a late hour tonight, when there was no opportunity of replying in the Dáil, Dr Browne made a series of personal charges against me which time permits me to deal with only in brief. I have not and never had any beneficial interest in shares in Irish Press Ltd, other than a few hundred personal shares. The block of ninety odd thousand shares to which Dr Browne has referred is held by me and my son, Vivion de Valera, on behalf of the persons who subscribed the money and to whom any dividends or other profits on these shares must be paid. Financial benefit or profit, either as to capital or dividend, has not accrued and cannot possibly at any time accrue to me or any of my family in respect of those shares. They are held, as I have publicly stated, to ensure that the purposes for which the money was subscribed will not be departed from. We hold no other block of shares as Dr Browne suggests. Dr Browne’s allegation that we have been engaged in a process of acquiring shares at reduced rates or that we have so built up a large holding of shares is completely untrue. Yours faithfully, Eamon de Valera.”
Contrary to what Joe Humphreys states, my grandfather did not “keep his huge family shareholding secret” as there was no shareholding to keep secret about!
All the above is part of the public record, as is my grandfather’s shareholding in Irish Press Ltd. I can confirm that Dr Browne’s allegations regarding Irish Press Ltd shares were untrue and an invention on his part. Dr Browne had inspected the Irish Press register of members but there is nothing in the register to support his allegations. I can also add that the “ninety odd thousand shares” referred to by my grandfather represents the entire fundraising in America and including the proceeds from the assigned bonds. – Yours, etc,
EAMON de VALERA,
Clanwilliam Terrace,
Dublin 2.