HC Deb 04 March 1948 vol 448 cc524-5
59. Major Bruce

asked the Chancellor of the Exchequer what instructions, recommendations or memoranda have been issued by his Department to the Capital Issues Committee since 1st August, 1945, with a view to ensuring that the proportion of total new capital investment requiring Committee sanction has conformed to the necessity for encouraging enterprises essential to the national economy, and restricting capital expenditure by undertakings whose objects are not, pending reconstruction and expansion of essential enterprises, essential to our national recovery; and whether he will state the dates on which such instructions, recommendations or memoranda have been issued.

Mr. Jay

On 2nd December last my right hon. and learned Friend the Chancellor of the Exchequer issued a special memorandum to the Capital Issues Committee, which is obtainable as Command Paper No. 7281.

Major Bruce

Is my hon. Friend satisfied that investments which took place prior to that date have been in the best national interest in all cases?

Mr. Jay

On the whole we are satisfied that that is so.