§ 62. Mr. Emrys Hughes
asked the Chancellor of the Exchequer why he approved of the £10,000,000 issue of stock of Distillers Company, Limited; if he is aware of the considerable expense incurred for advertising an issue which was heavily oversubscribed; and what steps he will take to reduce unnecessary expenditure in future capital issues.
§ Mr. R. A. Butler
Consent was given following the normal examination by the Capital Issues Committee. I am not aware that expenditure on advertising was disproportionate, having regard to the size of this issue. The Treasury cannot be expected to decide what expenditure will be sufficient to ensure the success of an issue.