§ Mr. JOYNSON-HICKSasked the President of the Board of Trade how many applications the Board of Trade has received under Section 9 of the Companies Act, 1907, for permission to pay interest out of capital during the period of construction of works; how many of such applications have been granted and how many refused; and whether he can publish any regulations which would act as a guide to companies applying for such permission?
Mr. TENNANTFive applications have been made to the Board of Trade for permission to pay interest out of capital during construction. Of these applications three have been granted, one has been refused, and one application was not proceeded with by the applicants. I do not think that any regulations could be usefully published which would act as a guide to companies making application to the Board of Trade. The section to which the hon. Member refers is very clear in its terms, and I do not think that anything could well be added by regulations, for the circumstances will necessarily be different in each case.
§ Mr. JOHN WARDWill the hon. Gentleman indicate the nature of the works that were under construction to which this privilege applies?