§ 59. Major O'NEILL
asked the Chancellor of the Exchequer whether he has considered the conclusions arrived at by the Committee on Currency and Foreign Exchanges in their first interim Report; and, if so, what action he proposes to take to deal with the situation which has arisen by reason of the large issues of legal tender paper money made during the War?
§ Mr. BALDWIN
I would refer the hon. and gallant Member to the answer I gave on Monday to the hon. Member for West Woolwich.
§ Major O'NEILL
Is the hon. Gentleman aware that the Committee in their Report, stated that the adoption of the main principle is a matter of vital neces- 1585 sity to the stability of the finances of this country. Is not the matter made still more pressing by the recent termination of hostilities, and owing to the fact that the export of bullion is now rendered more easy, and in the present unfavourable state of foreign exchanges, is it not possible that there may be undue strain—
§ 61. Viscount WOLMER
asked the Chancellor ofthe Exchequer whether he can state the date on which the new Regulations concerning new capital issues will come into force, the composition of the Committee, and the number of panels in which they will work; and whether the Department of Overseas Trade and the Committee of the Stock Exchange will be represented on the Committee?
§ Mr. BALDWIN
The new Regulation concerning capital issues came into force yesterday. Invitations to serve on the Committee have been issued, but until the replies have been received my right hon. Friend is not in a position to announce the composition of the Committee. Invitations have been addressed amongst others to a representative of overseas interests and to a former member of the Stock Ex-change Committee. It is proposed, inthe first instance, to constitute three panels. If the work is found to require an increase it will be made later.
§ Earl WINTERTON
Can my hon. Friend state why an invitation has not been extended to the present Stock Exchange Committee?