D.O.R.A, 279

to reconsider the principles upon which sanction
has been given or refused in order that no avoidable
obstacles may be placed in the way of providing the
Capital necessary for the speedy restoration of
Commerce and Industry, and the development of
public utility services.

" In view of the numbers of the proposals for
fresh Issues of Capital which are to be expected, it
is necessary to provide further machinery for dealing
with them and for making the decisions upon them
effective.

" A regulation under the Defence of the Realm
Act has accordingly been made prohibiting all Capital
Issues except under licence from the Treasury, and
the Capital Issues Committee has been reconstituted
with new Terms of Reference, which are as follows :—

"' To consider and advise upon applications
received by the Treasury for licences under Defence
of the Regulation (30 F) for fresh Issues of Capital,
with a view to preserving Capital during the recon-
struction period for essential undertakings in the
United Kingdom, and to preventing any avoidable
drain upon Foreign Exchanges by the export of
Capital, except where it is shown to the satisfaction
of the Treasury that special circumstances exist/

" It will be an instruction to the Committee that,
in order that applications may be dealt with expe-
ditiously and to enable oral evidence to be given in
support of them when desired by the applicant,
that the Committee should sit by Panels consisting
of three members, the decision of the Panels to be
subject to confirmation by the full Committee,