§ 49. General CROFTasked the Chancellor of the Exchequer whether restrictions are being placed by the Treasury on the issue of capital for new enterprises formed for the development of manufacturing, shipbuilding, and the general trade of this country; whether licences have been granted for newly-formed companies to commence business by the Registrar of Joint Stock Companies, and subsequently the said companies have been prevented from issuing their capital shares to enable them to do so; and, if so, what steps does he propose to take to remedy the anomalous position?
§ Mr. BONAR LAWThe restrictions which it is necessary in the national interest to place on new issues of capital were widely advertised in the Press in January, 1915, and are, I think, well known. The Registrar of Joint Stock Companies is not entitled to refuse to register a company which has not obtained permission to issue capital, but steps are taken to warm applicants for registration of the need for obtaining such permission before any actual issue of shares or debentures is made.