HC Deb 26 February 1919 vol 112 cc1757-8W
Captain Viscount WOLMER

asked the Chancellor of the Exchequer whether it is intended that the new Capital Issues Committee should place impediments in the way of British companies exporting capital in order to develop trade in foreign markets; and, if so, whether the Government propose to take any steps to prevent America, France, Japan, and other foreign countries from capturing British trade abroad?

Captain BARNETT:

asked the Chancellor of the Exchequer whether the new terms of reference to the Capital Issues Committee preclude the issue of new capital for investment abroad except in cases where it is proved to the satisfaction of the Treasury that special circumstances exist; and, if so, whether, in view of the fact that such a condition is calculated to restrict British enterprise in foreign countries at a time when it urgently needs expansion, he will consider the desirability of revising the terms of reference?

Mr. BALDWIN

There is nothing in the terms of reference to preclude the Capital Issues Committee from considering on its merits any proposal for export of capital for the expansion of foreign trade. I feel confident that the considerations urged by my hon. Friends will be duly weighed by the Committee together with other relevant factors.

Sir F. HALL

asked the Secretary to the Treasury whether the Government, in granting permission for new issues to be made, does so only provided they are not of a speculative or hazardous nature; and, if this Regulation is not always adhered to, on what grounds the Treasury refused to grant the recommendation of the Select Committee on Inland Transport that the New Transport Company be allowed to raise fresh capital to further demonstrate its system?

Mr. BALDWIN

Issues of a speculative and hazardous nature have only been authorised to meet urgent war requirements. I think it would in any case be desirable for the application of the New Transport Company to wait until the new Minister of Communications can be consulted.

Sir KINGSLEY WOOD

asked the Chancellor of the Exchequer whether he will provide, in connection with the proposed new Regulations for controlling new issues, that applicants for permission to issue new stocks shall have the right of appeal to some suitable tribunal in the event of their applications being refused by the Committee?

Mr. BALDWIN

No, Sir. My right hon. Friend thinks the Committee will itself be the most suitable and authoritative tribunal to decide these cases, and he sees no reason for an appeal to a further body.