278 TIGHTENING FETTERS OF FINANCE

an exasperating process of filling in forms innumer-
able, inconsistent, overlapping and incomprehensible.
Finance is the latest victim of this melancholy
tendency. Under the guise of an attempt to give
greater freedom to it a system has been introduced
which makes a Treasury licence necessary, with
penalties under the Defence of the Realm Act, for
doing many things which have hitherto been possible
for those who were prepared to forgo the privilege
of a Stock Exchange quotation. Let the story be
told in official language, as uttered through the
Press Bureau, on February 24th, in " Serial No. C,
10917."

" In view of the changed conditions resulting
from the conclusion of the armistice, the Treasury
has had under consideration the arrangements which
have been in force during the war for the control of
New Issues of Capital.

" The work of scrutinising proposals for new
Capital Issues has been performed during the war
by the Capital Issues Committee, the object being
to refuse sanction for all projects not immediately
connected 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 tinder existing financial
conditions to dispense altogether with the control
of Capital Issues, it has clearly become necessary