HC Deb 26 November 1946 vol 430 cc1409-10
50 and 51. Mr. Blackburn

asked the Chancellor of the Exchequer (1) whether the consent of the Treasury was given to the recent offer for sale of 2,000,000 shares of London Stadium. Limited, a company widely engaged in the provision of greyhound racing tracks;

(2) what instructions he has given to the Capital Issues Committee to refuse consent to capital issues which are for purposes not deemed socially desirable.

Mr. Dalton

This case was not one which involved the raising of new money, but only a sale of existing shares. The Capital Issues Committee are guided, as regards priorities for new issues, by a Memorandum issued in May 1945 (Cmd. 6645) and by indications given by me from time to time. In May of this year I instructed them that consent should not be given to any new issues for greyhound racing concerns.

Mr. Blackburn

While I appreciate my right hon. Friend's answer, may I suggest to him that he indicated quite clearly on the Second Reading of the Borrowing (Control and Guarantees) Bill that in the case of new issues of capital access to the capital market would be limited to purposes deemed socially desirable? Is that still the policy of the Government?

Mr. Dalton

I have indicated one example in which we have carried that out by a specific instruction to the Capital Issues Committee.

Lieut.-Commander Gurney Braithwaite

May I ask whether the National Investment Council was consulted in this case? Are we to understand that the Government, having failed to supply the people with bread, are now concentrating on circuses?

Mr. Skeffington-Lodge

Does not the Chancellor realise that dog racing is a racket—

Mr. Speaker

Sir Thomas Moore.

Mr. Skeffington-Lodge

rose—

Hon. Members

Order, order.

Mr. Speaker

I am doing my best to try to get on with Questions. I have called the next Question.

Mr. Skeffington-Lodge;

Dog racing is a racket.