Financial Notes
NEW CAPITAL ACTIVITY.
Tim modification of the Treasury restrictions concerning fresh issues of capital has been referred to by more than one newspaper as constituting a help to industry, but it may be well, perhaps, to explain quite simply the nature of the help afforded. The Treasury embargo itself dates back to June 30th last when the Chancellor of the Exchequer announced the terms of the conversion of the 5 per cent. War Loan. To aid that operation and to avoid other issues of capital clashing- with it the Chancellor requested that until the operation was thoroughly out of the way no other issues of capital other than those obtaining express permission from the Government should be made, and the request was most loyally responded to. Gradually some of the restrictions of the embargo have been removed, but there was one restriction which told rather hardly upon industrial companies.
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