§ 148. Mr. MacVEAGHasked the Chancellor of the Exchequer whether he is now in a position to say that the new Regula- 904 tion with regard to capital issues will not apply to cases in which firms propose to issue amongst the shareholders bonus shares provided that no fresh capital is called for from them and that the operation is confined to the capitalising of profits and to eases in which, for family or other reasons, small concerns are formed into private limited companies provided that no fresh capital is subscribed?
§ 152. Mr. MACQUISTENasked the Chancellor of the Exchequer whether he will see that the substituted Order in Council for new issues of capital will contain power and directions to grant provisional licences for hypothetical flotations in order to avoid the evil of the Registrar of Joint Stock Companies accepting capital duty and registration fees and the issues tribunal then refusing a licence, whereby the duty and law charges will be lost to those who have expended them in what was, in their judgment, the reasonable hope of a licence?
154. Sir J. D. REESasked the Chancellor of the Exchequer whether it will be made clear that the new Regulation on capital issues will not impose any restriction on the splitting of shares?
§ Mr. BALDWINMy right hon. Friend is giving most careful consideration to the suggestions made in the questions and all other suggestions which have reached him for the amendment of the Regulation. He is most anxious that a revised Regulation should give the widest possible latitude for all issues not likely to defeat the policy of the control and, in cases in which licences are necessary, to provide machinery for dealing with applications as expeditiously and with as little inconvenience to the public as possible.
§ Mr. MacVEAGHWill Parliament be given an opportunity of expressing an opinion upon this new Regulation before it is put in force?
§ Mr. BALDWINI do not think so.
§ Mr. MACQUISTENWhy should the men of Glasgow, who take a great part in the commercial business of the country, and who also took a large part in the conduct of the War, be compelled to come to London to ask for new issues which they know a great deal more about than the Treasury?
§ Mr. BALDWINMy hon. Friend must not make these assumptions, because he has not yet seen the new Regulation. I have assured him in my answer that the suggestions made in the questions are being carefully and sympathetically considered by the Chancellor of the Exchequer.
§ Mr. MacVEAGHMay I inquire why the House of Commons will not be allowed the opportunity of expressing an opinion?
§ Mr. BALDWINI should require notice of that question.
§ Mr. MACQUISTENI have seen the old issues, and they were thoroughly bad.
§ Viscount WOLMERWhen will the hon. Gentleman be able to tell the House when the new Regulation will be published and when the names of the Committee will also be made public?
§ Mr. MacVEAGHHe will require notice of that!
§ Mr. BALDWINI think within a few days.
§ 151. Mr. MACQUISTENasked the Chancellor of the Exchequer whether, in view of the loss of time which will be caused to the commercial community in Scotland in having to proceed to and wait in London in order to make representations to the Treasury in connection with their obtaining licences to raise funds for the development of their businesses, he will fix peremptory diets when Scotch applications may be heard, or preferably appoint a Scottish Commission with full powers which shall sit in Glasgow and deal with Scottish applications?
§ Mr. BALDWINMy right hon. Friend is quite prepared to consider the appointment of a panel of the new Committee to sit in Edinburgh if experience should show that such an arrangement would be to the convenience of the Scottish public.