§ 47. Mr. Ronald Chamberlainasked the Chancellor of the Exchequer what recent guidance or instructions have been given to the Capital Issues Committee in reference to bonus issues.
§ Sir S. CrippsNone, Sir. The Committee continue to have discretion to recommend consent, or if the application appears unnecessary or unreasonable, refusal to any such issue.
§ Mr. ChamberlainIs the Chancellor aware that the last instruction was complete prohibition? Is he also aware that there has been a very great spate of these bonus issues since the 10 per cent. duty was removed, and does he think that in the present state of economic stringency there should be an outpouring of what his predecessor called "sheer money for jam"?
§ Sir S. CrippsI do not wish to enter into the arguments in the course of a Question and answer, but I cannot agree with the hypothesis of the hon. Gentleman.
§ Mr. ChamberlainThe right hon. and learned Gentleman's predecessor did.