HC Deb 27 February 1919 vol 112 cc1961-2
74. Mr. MacVEAGH

asked the Chancellor of the Exchequer if the object of setting up the Capital Issues Committee was to maintain national credit and conserve national resources; if so, whether it will be made clear that the Capital Issues Committee is not to interfere in cases which do not violate these conditions; what financial authorities were consulted before the issue of the latest Regulation under the Defence of the Realm Act; whether he can say in what respect national credit is weakened or national resources diverted by financial transactions which do not involve an appeal to the public for subscriptions; and whether, in order to allay commercial irritation and resentment, the energies of the Committee will be further and definitely limited?


The answer to the first two parts of the question is in the affirmative. The Regulation was made after full consultation with the financial authorities most competent to advise in the matter. As regards the third and fourth parts of the question, it is clear that capital can be diverted from a purpose of more urgent to one of less urgent national importance by means of a private no less than a public issue, and I do not think it would be in the public interest to restrict the powers of the Committee in the manner suggested.