EMBARGO ON NEW CAPITAL ISSUES.
And now, when the first stage of the conversion operation has been triumphantly reached, the market for gilt-edged securities is still hedged round with artificial aids, the Government retaining its embargo on new issues of capital for a further period until the conversion of the War Loan has been finally carried through, and also, perhaps, until the arrangements have gone through for dealing with certain outstanding obligations which the Government has announced its intention to repay. It must not be supposed that I am challenging the policy of the Government in keeping on the embargo for a time, for, as a matter of fact, it is probably wise to do so in the interests of the Exchequer, the investor and the general public, but nevertheless its retention constitutes a further example of artificial influences.
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