§ Sir J. D. REES
asked the Chancellor of the Excehequer whether he is aware that the Inland Revenue authorities at Somerset House have refused in two cases to stamp allotment letters on the ground that the companies issuing shares had not received the sanction of the Fresh Issues Committee; and whether, seeing that he has declared that the Treasury has no power to prevent fresh issues of capital, he will issue instructions forbidding the Inland Revenue officials to act in contravention of the law.
§ Mr. McKENNA
I think that the hon: Member must have been misinformed. The Inland Revenue authorities do not refuse to stamp allotment letters on the ground mentioned. It is, however, the practice, before stamping them, to inquire whether the approval of the Fresh Issues Committee has been obtained and to suggest that the Committee should be approached if it is found that this has not been done.