s of the new Committee, and the list
of different forms on which applications are to be made, given above,
shows that all the paraphernalia of red tape will dominate the
proceedings.

Now for the terms of the new Regulation under the Defence of the Realm
Act.

"1. The following regulation shall be inserted after Regulation 30
EE:--

"30 F. The following provisions shall have effect in respect of
new capital issues and to dealings in securities issued for the
purpose of raising capital:

"(1) No person shall, except under and in pursuance of a licence
granted by the Treasury--

"(a) issue, whether for cash or otherwise, any stock, shares or
securities; or

"(b) pay or receive any money on loan on the terms express or
implied that the money is to be or may be applied at some future
date in payment of any stock, shares or securities to be issued at
whatever date to the person making the loan; or

"(c) sub-divide any shares or Debentures into shares or Debentures
of a smaller denomination, or consolidate any shares or Debentures
of a larger denomination; or

"(d) renew or extend the period of maturity of any securities; or

"(e) purchase, sell or otherwise transfer any stock, shares
or securities or any interest therein, or the benefit of any
agreement conferring a right to receive any stock, shares or
securities, if the stock, shares or securities were issued,
sub-divided or consolidated, or renewed or the period of maturity
thereof extended, or the agreement was made, as the case may be,
at any time between the 18th day of January, 1915, and the 24th
day of February, 1919, and the permission of the Treasury was not
obtained to the issue, sub-division, consolidation, renewal or
extension or the making of the agreement, as the case may be.

"(2) No person shall except under and in pursuance of a licence
granted by the Treasury--

"(a) buy or sell any stock, shares or other securities except for
cash or when the purchase or sale takes place in any recognised
Stock Exchange, subject to the rules or regulations of such
exchange.

"(b) buy or sell any stock, shares or other securities which have
not remained in physical possession in the United Kingdom since
the 30th September, 1914.

"(3) A licence granted under this regulation may be granted
subject to any t