FILLING IN FORMS 281

(as, e.g., in amalgamations, sub-divisions of shares,
etc.), a statement of the facts should be submitted
in writing/'

Before we go on to consider the new regulation,
30 F, let us try to see what is the real effect of the
document above quoted. It was evidently intended
to be a relaxation of the control of finance. This is
shown by the sentence which says that the matter
was to be reconsidered " in order that no avoidable
obstacle 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/' And yet it was thought
necessary to give legal force and attach penalties
to regulations that have worked during the war
quite sufficiently welljto secure a much stricter
control than is now required. The explanation of
this apparent inconsistency is probably to be found
in the desire of the Government to meet a grievance
of the Stock Exchange. Hitherto the only penalty
that befell those who made a new issue without
getting Treasury sanction was that the securities
issued could not be dealt in on the Stock Exchange.
The practical effect of this was that those who acted
without Treasury sanction could only issue securities
subject to this serious drawback, and so an effective
but not altogether prohibitive bar was put on the
process. If this bar was not strong enough in war-
time it ought clearly to have been strengthened
long ago ; if it was strong enough, then why should
it be strengthened now ?

From the Stock Exchange point of view it is easy