§ 54. Mr. LEWISasked the Chancellor of the Exchequer if he will state for what reasons restrictions are still retained in the case of optional conversion issues which rank as trustee securities and involve either underwriting or an invitation to the public to subscribe new cash?
§ The CHANCELLOR of the EXCHEQUER (Mr. Chamberlain)For the present I regard this limited restriction as necessary to prevent congestion of the market.
§ Mr. LEWISHas the Chancellor of the Exchequer any idea when he will be able to do away with these restrictions?
§ Mr. CHAMBERLAINNo, Sir.
§ Colonel WEDGWOODWhat does the right hon. Gentleman mean by "congestion of the market"? Does he mean a demand for sterling from other countries?
§ Mr. CHAMBERLAINNo, Sir. I do not mean that at all. I mean congestion of the market in this particular kind of securities.