HL Deb 24 July 1946 vol 142 cc944-5

6.17 p.m.

EARL FORTESCUE

I beg to ask the question standing in the name of my noble friend Lord Barnby.

[The question was as follows:

To ask His Majesty's Government if, in view of the delays on the part of the Capital Issues Committee, which often imperil the negotiation of foreign patent rights valuable to this country, they will consider the instituting of an immediate enquiry into procedure which is causing such widespread complaint and uncertainty, and if they will provide more expeditious machinery pending the setting up of the foreshadowed Capital Investment Council.]

LORD PAKENHAM

My Lords, I must make it clear that the Government do not accept the implication that the procedure of the Capital Issues Committee is causing widespread uncertainty and unreasonable or harmful delay. The Committee have a difficult and complex task to perform, and if they are to continue to carry out their duties in any responsible manner they must be allowed time for proper consideration of the merits of an application in consultation with the appropriate Government Departments. Every effort is made to eliminate unnecessary delays. The Chancellor of the Exchequer, with the help of the Committee, has been studying methods whereby the work can be further speeded up, and certain suggestions which have been made are being put into effect. The delays at present involved have been much exaggerated in the Press and elsewhere, but the noble Lord can rest assured that the matter is engaging the Chancellor's attention, and improvements will continue to be made wherever it is found practicable. The National Investment Council, which met for the first time yesterday, is an advisory body set up to advise the Government on questions of policy in relation to investment. The Council will not, as suggested in the question, in any way supersede the Capital Issues Committee.