Mr. CHANCELLORasked the Chancellor of the Exchequer whether an application by the New Transport Company for permission to increase its capital has been refused; if so, for what reason; and whether, in view of the importance attached to this company's proposals by a number of Members of Parliament and their belief that those proposals, if adopted, would largely solve the transport problem, he will permit the company to raise the capital necessary to enable them further to demonstrate the practicability of the Gattie system?
§ Mr. BONAR LAWThe answer to the first part of the question is in the affirmative. The application was, I understand, refused by the Fresh Issues Committee because it was not considered in the public interest that the proposed 305W issue of capital should be made at the present time, and, pending the Report of the Select Committee on Transport, I see no reason to interfere with the decision arrived at.