Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 25 March 1947.
Major Donald Bruce
, Portsmouth North
12:00,
25 March 1947
asked the Chancellor of the exchequer the number and aggregate sum to date of capital issues approved under the Borrowing (Control and Guarantees) Act, 1946, and capital issues since 16th July, 1946, for which no such approval was required; and whether he will give particular totals in respect of each of the above categories, for issues in respect of the capital goods industries, the consumer goods industries and services, excluding the entertainment industry, and the entertainment industry, respectively.
Mr Hugh Dalton
, Bishop Auckland
As the answer contains a number of figures, I will, with permission, circulate it in the OFFICIAL REPORT.
Major Donald Bruce
, Portsmouth North
Will my right hon. Friend say whether, broadly speaking, the powers conferred on him under the Borrowing (Control and Guarantees) Act are adequate for this purpose, and to what extent those powers have been vitiated by a growing tendency to effect offers of sale under the London Stock Exchange regulations?
Mr Hugh Dalton
, Bishop Auckland
The answer to the first supplementary question is "Yes, Sir." Up to date, it is quite satisfactory. The second question raises another matter, and perhaps my hon. and gallant Friend will put it on the Paper.
Following is the answer:
| CAPITAL ISSUES CONSENTED TO BY THE TREASURY DURING THE PERIOD I ST JULY, 1946-28TH FEBRUARY, 1947 INCLUSIVE. | ||
| Number of Cases. | Approximate Totals. | |
| Capital goods industries. | 98 | £36,000,000 |
| Consumer goods and services (excluding entertainments). | 51 | £17,000,000 |
| Entertainments (film industry, etc.) | 27 | £9,000,000 |
| Miscellaneous | 145 | £32,000,000 |
| Total | 321 | £94,000,000 |
| 1. Figures are, so far as possible, for issues Involving new money. | ||
| 2. The above figures are for domestic issues only, and also exclude issues by local authorities. | ||
| 3. No figures are available for issues made under the £50,000 limit and other exemptions | ||
The chancellor of the exchequer is the government's chief financial minister and as such is responsible for raising government revenue through taxation or borrowing and for controlling overall government spending.
The chancellor's plans for the economy are delivered to the House of Commons every year in the Budget speech.
The chancellor is the most senior figure at the Treasury, even though the prime minister holds an additional title of 'First Lord of the Treasury'. He normally resides at Number 11 Downing Street.
