HC Deb 09 December 1948 vol 459 cc560-1
51. Mr. Erroll

asked the Chancellor of the Exchequer what are the qualifications of the present members of the Capital Issues Committee; what salaries and allowances they are paid; how frequently they meet; and how many new issues they have sanctioned during this year.

The Economic Secretary to the Treasury (Mr. Douglas Jay)

The members have all been chosen for their experience of finance and industry, and are unpaid. The Committee meets at least once a week. About 470 applications involving new money have been approved so far this year.

Mr. Erroll

Have the members of this Committee the necessary qualities of enterprise to enable them to judge the value of issues to companies anxious to develop new inventions and new ideas?

Mr. Jay

Certainly, in our opinion; and I should like to take this opportunity of expressing our appreciation of the hard work done by the Committee in the public interest without remuneration.

Lieut.-Commander Gurney Braithwaite

If differences of opinion arise on the Capital Issues Committee as to the desirability of a flotation, is reference made to the National Investment Council?

Mr. Jay

No, Sir. The Capital Investments Committee advises the Treasury, and then the Treasury make up their minds.

Mr. Chamberlain

Since the decision of this Committee on a question to which I referred last week appears to be in conformity neither with the national interest nor their written instructions, will the Minister look into the whole set-up and write out instructions in a new and simple form if necessary?

Mr. Jay

The hon. Member is raising a particular case which is not involved in this Question.

Viscount Hinchingbrooke

Would the hon. Gentleman indicate to the House whether there is a great weight of money seeking investment, which is being held back by the Capital Issues Committee at the present time, and whether in that way the Committee is still performing a public service?

Mr. Jay

There are many cases in which money is seeking investment in individual projects of which the Committee has not approved.

Mr. Erroll

The hon. Gentleman did not say how frequently the Committee meets.

Mr. Jay

I said that it met once a week.