cted
with the successful prosecution of the war. The decisions of the
Treasury, taken upon the advice of this Committee, have, however,
not had any binding force, beyond what is derived from the emergency
regulations of the Stock Exchange, which forbids dealings in any new
Issues which have not received Treasury consent.

"While it is not possible under existing financial conditions to
dispense altogether with the control of Capital Issues, it has clearly
become necessary to reconsider the principles upon which sanction has
been given or refused in order that no avoidable obstacles may be
placed in the way of providing the Capital necessary for the speedy
restoration of Commerce and Industry, and the development of public
utility services.

"In view of the numbers of the proposals for fresh Issues of Capital
which are to be expected, it is necessary to provide further machinery
for dealing with them and for making the decisions upon them
effective.

"A regulation under the Defence of the Realm Act has accordingly been
made prohibiting all Capital Issues except under licence from the
Treasury, and the Capital Issues Committee has been reconstituted with
new Terms of Reference, which are as follows:--

"'To consider and advise upon applications received by the Treasury
for licences under Defence of the Regulation (30 F) for fresh
Issues of Capital, with a view to preserving Capital during the
reconstruction period for essential undertakings in the United
Kingdom, and to preventing any avoidable drain upon Foreign Exchanges
by the export of Capital, except where it is shown to the satisfaction
of the Treasury that special circumstances exist.'

"It will be an instruction to the Committee that, in order that
applications may be dealt with expeditiously and to enable oral
evidence to be given in support of them when desired by the applicant,
that the Committee should sit by Panels consisting of three members,
the decision of the Panels to be subject to confirmation by the full
Committee.

"All applications for licences most be made, in the first instance,
in writing on a Form which can be obtained from the Secretary of the
Capital Issues Committee, Treasury, S.W. 1.

"Before any application is refused the Committee will give the
applicant an opportunity of giving oral evidence in support of his
case."

The notice then proceeded to recite the terms of D.O.R.A. 30 F, of
which more anon. Next day came a supplementar