HC Deb 04 November 1954 vol 532 cc583-4
26. Mr. Grimond

asked the Chancellor of the Exchequer if, in view of the number of issues of all kinds which have recently been made, he will abolish the Capital Issues Committee or restate the principles on which it acts.

Mr. Maudling

The policy of controlling capital issues is under continuous review, and my right hon. Friend will bear in mind the suggestions made by the hon. Member.

Mr. Grimond

Does not the Economic Secretary agree that the proportion of applications which have been rejected falls steadily? Surely the time has now come when this Committee might be reconsidered?

Mr. Maudling

I agree that the proportion of rejections is small, but we must not forget that a number of applications are never forwarded because the applicants know that they have no chance of success. I assure the hon. Gentleman again that this matter is under constant review.

Mr. Norman Smith

Does not the continuance of the Capital Issues Committee, though doubtless conducive to the perpetuation of full employment, constitute a reflection on the sincerity of the furious Tory propaganda at the last General Election against Socialist controls?

Mr. Maudling

Its continuation shows how wisely we move forward in all the things we do.