Micheal Staines was one of the founders of the New Ireland Assurance Collecting Society to help Sinn Fein to promote investment of natural resources at home in Ireland, Frank Thornton who along with Staines was one of the founders of the association says in his interview ,
“I think it is only right at this stage to refer to something which happened around Whit. In 1917 and which resulted in the formation of the New Ireland Assurance Collecting Society. During an earlier period, before 1916, in preparation for things to come, Arthur Griffith had in his papers frequently urged that something should be done to stop the flow of insurance premiums out of this country as part of a campaign to deal with the economic situation. It always was the first plank of Sinn Fein that everything Irish should be Supported; Liam Tobin, Eamon de Valera, the late Dick Coleman, Michael Staines and myself became the prime movers in bringing this idea to fruition. The position of Treasurer to the Society was filled by Michael J. Staines,[Fra55].