Messrs. Vickers Limited (Bonus Shares)

Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 2 June 1949.

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Photo of Mr Ronald Chamberlain Mr Ronald Chamberlain , Lambeth Norwood 12:00, 2 June 1949

asked the Chancellor of the Exchequer why Treasury permission has been given to Messrs. Vickers Limited to capitalise reserves to the extent of over £6 million and to distribute that sum in the form of fully-paid bonus shares to the company's stockholders.

Photo of Mr William Hall Mr William Hall , Colne Valley

The Capital Issues Committee recommended consent and the Treasury acted on that recommendation.

Photo of Mr Ronald Chamberlain Mr Ronald Chamberlain , Lambeth Norwood

Even though this sort of thing is technically permissible is it not morally unjustifiable, fully inflationary, and contrary to all that the Chancellor has been saying over the last 18 months?

Photo of Mr William Hall Mr William Hall , Colne Valley

I was asked why, and I have answered why.