HC Deb 22 February 1944 vol 397 c656
55. Mr. Glenvil Hall

asked the Chancelor of the Exchequer if his attention has been called to the recent replacing of debenture and preference capital by the issue of ordinary shares by Dorman Long and Company, Joshua Hoyle and Sons and the Powell Duffryn Associated Collieries; whether the Treasury was consulted before these arrangements were made; and is it the policy of His Majesty's Government to eliminate classes of capital with priority rights.

Sir J. Anderson

The Treasury, acting on the recommendation of the Capital Issues Committee, consented to the issue of the shares in each of these cases. In giving such consents the Treasury does not take any responsibility for the financial soundness of the issues and it is the practice of the Treasury to require that a statement to that effect should accompany any prospectus or offer of the issue. In fact, the changes in capital structure referred to, were not a feature of which the Treasury thought it necessary to take account when consent was given in these cases.

Mr. Hall

Was that the view taken on all three of these cases, or on only two?

Sir J. Anderson

On all three.