§ Sir H. NIELDasked the Chancellor of the Exchequer (1) whether the refusal of the Treasury Committee to sanction the registration of companies which do not involve any new issue of capital or the transfer of any share capital except a redistribution of existing capital among present shareholders has his sanction; whether he has considered the effect upon commercial undertakings in this country that such refusal has in preventing the exclusion of alien influences and the retention of business in this country; and whether he will cause the subject to be reconsidered; (2) whether he is aware that on the 21st January last application was made to the Treasury by the private firm of Glen and Company for leave to convert their business into a limited liability company and that, although it was clearly stated that no fresh capital would be created and no money pass and that the chief reason for the conversion was to give certain of their chief employès an interest in the business to retain their services, the Treasury refused sanction; and whether, seeing that the proposition did not involve the diversion of any capital from public loans or in any way-affect the objects which the Government had in view in restricting new issues, he will interfere to prevent this arbitrary prohibition on industry and commerce and direct the matter to be reconsidered; and (3) whether he is aware that application was recently made to the Treasury to sanction the registration of a company for the amalgamation of three English rubber companies, which have an aggregate paid-up capital of nearly£400,000, with estates in Sumatra and Java, and are dividend paying, the purpose of the amalgamation being to save expense in management, to exclude alien influences and possible domination, and to retain the business in this country; whether he is aware that the Treasury refused their sanction to the proposed registration although no money would pass and no fresh capital would1132W issue, the operation merely involving the acquisition of the properties of the three companies and the reissue to the existing shareholders; and if, under these circumstances, he will cause the Treasury to reconsider their decision?
§ Mr. BONAR LAWI see no reason to issue fresh instructions to the Committee as regards the general principles upon which applications of this character should be dealt with, or to override their decisions in the particular cases mentioned by my hon. and learned Friend. Each case is considered on its merits, with special reference to the national interests involved, and I am satisfied that the Committee is alive to the considerations indicated in the first question.