HC Deb 16 December 1948 vol 459 c1379
52. Mr. Ronald Chamberlain

asked the Chancellor of the Exchequer whether in sanctioning new issues, the Capital Issues Committee assesses an applicant's requirements in relation only to the nominal value of the issue or also takes into consideration the probable proceeds.

The Financial Secretary to the Treasury (Mr. Glenvil Hall)

The Committee is mainly concerned with the amount of money expected to be raised by an issue.

Mr. Chamberlain

In a recent case Hoovers, who received sanction for £135,000, netted £900,000 by selling their 5s. shares at 34s. 6d. Does my right hon. Friend think that came within the cognisance of the Capital Issues Committee, and does he also think that it was in the national interest?

Mr. Glenvil Hall

The Capital Issues Committee took all the circumstances into account in arriving at their decision.

Mr. Cobb

Would my right hon. Friend consider in that connection whether it would not be advisable in the near future to offer some inducement to industries to put a greater proportion of their profits to capital account?