§ 46. Colonel WEDGWOODasked the Chancellor of the Exchequer whether he can yet hold out any hope of the immediate removal of the embargo on the issues of fresh capital or the conversion of existing issues?
Mr. CHAMBERLAINThe embargo on issues of fresh capital applies only to issues on foreign account, and to optional conversions where a public issue or underwriting is involved. I fear that I can add nothing to the answer which I gave on the 15th November to my hon. Friend the Member for Colchester (Mr. Lewis). I think it will be generally appreciated that the present is not an opportune moment for making any change in the existing arrangements.
§ Colonel WEDGWOODHow much longer will the right hon. Gentleman find it necessary to continue bolstering up the price of gilt-edged securities?
Mr. CHAMBERLAINI do not accept the right hon. and gallant Gentleman's suggestion. The question as to when any changes may be made must obviously depend on the circumstances and conditions that exist.
§ Colonel WEDGWOODIf that is not the object, what is the object?
§ Sir A. M. SAMUELHas my right hon. Friend any information that reputable undertakings are suffering from a shortage of new capital which will justify him in immediately removing the embargo
§ Sir A. M. SAMUELNo, home issues.