The Embargo on Capital The success of the £2,000 million
Conversion scheme has so far exceeded all expectations. It is disappointing, therefore, that the unofficial, but effective, embargo on new issues, originally imposed (to keep the field .clear for the Government) " for a few weeks," is to continue for another month at least with certain modifications. The scheme, announced on Tuesday, for a further £153,000,000 Conversion, must be held partly responsible for the maintenance of the embargo, as must the arrangements for paying off the £20,000,000 still owing to France out of the £130,000,000 borrowed from France and America last year. The Times drops a hint, apparently inspired, that in October " it may be necessary to take some measures—statutory or other- wise—to co-ordinate the whole position," though there is no question of a Central Board. We sincerely hope that no permanent restriction is intended, and that London will be free, when world trade recovers, to distribute capital as'of old throughout not only the Empire, but the world.
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