§ Mr. Leverasked the Chancellor of the Exchequer on what date the Capital Issues Committee gave its consent to an issue by New Union Goldfields Limited of 1,500,000 shares at 16s. 3d. per share; what was the amount raised on this issue in the United Kingdom; whether the C.I.C. were informed that at that time the company was on the verge of insolvency; and what inquiries were made as to the financial position of the Company before granting consent to this issue.
§ Sir S. CrippsAfter reference to the Capital Issues Committee, Treasury consent was given on 15th May, 1947, to the United Kingdom portion of this South African issue, thus allowing the raising of approximately £450,000 in this country, if all the shares were taken up by existing shareholders. The application included the auditors' certificate of the company's accounts. In giving consent, the Treasury, as is their practice, publicly disclaimed any responsibility for the financial soundness of the issue.