HC Deb 22 August 1940 vol 364 c1511W
Sir J. Mellor

asked the Chancellor of the Exchequer for what purpose the Capital Issues Committee continues to refuse sanction for schemes proposed by public companies for redeeming debentures out of the proceeds of new issues of debentures carrying lower rates of interest?

Sir K. Wood

The policy of the Committee, which has my approval, is that so long as the demands on the capital market are as great as at present the issue of new securities other than Government War Loans must be confined to issues to raise money for essential services and enterprises or to provide for obligatory repayments of maturing debt. The ban on the optional replacement of existing securities applies generally and not merely to the debentures of public companies.