288 TIGHTENING FETTERS OF FINANCE

be subject to confirmation by the full Committee,
so that all the work will have to be done twice over.
There is thus much reason to fear that delay, so
fatal in business matters, will be an inevitable off-
spring of the efforts of the new Committee, and the
list of different forms on which applications are to
be made, given above, shows that all the parapher-
nalia of red tape will dominate the proceedings.

Now for the terms of the new Regulation under
the Defence of the Realm Act.

" i. The following regulation shall be inserted
after Regulation 30 EE :—

''30 F. The following provisions shall have
effect in respect of new capital issues and to dealings
in securities issued for the purpose of raising capital:
" (i) No person shall, except under and in pur-
suance of a licence granted by the Treasury—

" (a) issue, whether for cash or otherwise, any

stock, shares or securities ; or
" (b) pay or receive any money on loan on the
terms express or implied that the money
is to be or may be applied at some future
date in payment of any stock, shares or
securities to be issued at whatever date
to the person making the loan ; or
" (c) sub7divide any shares or Debentures into
shares or Debentures of a smaller de-
nomination, or consolidate any shares or
Debentures of a larger denommatioa ; or
" (d) renew of extend the period of maturity of

any securities; or
" (e) purchase, sell or otherwise transfer any