HC Deb 12 May 1915 vol 71 c1631
36. Sir J. D. REES

asked the Chancellor of the Exchequer the reasons why the Treasury refused to sanction the issue of a small amount of capital by the Broken Hill Company in order to carry out plans for capturing the smelting industry from German competing concerns?


I do not think it desirable that reasons should be given for the decisions reached in individual applications for approval of fresh issues. I may, however, say that the fact that a capital issue is proposed for the purpose of capturing German trade is far from being a completely adequate reason why it should be allowed, regard being had to the enormous demands in existing circumstances for capital for the purpose of prosecuting the War. Moreover, in the ruse, referred to there was reason to believe (as has been proved to be the case) that the whole amount required could be provided without the assistance of the money market of the United Kingdom.