“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 reconstruction 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 expeditiously 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.

“All applications for licences most be made, in the first instance, in writing on a Form which can be obtained from the Secretary of the Capital Issues Committee, Treasury, S.W. 1.

“Before any application is refused the Committee will give the applicant an opportunity of giving oral evidence in support of his case.”

The notice then proceeded to recite the terms of D.O.R.A. 30 F, of which more anon.  Next day came a supplementary announcement, “Serial No.  C 10938,” as follows:—­

“With reference to the recent announcement in the Press that all applications for Treasury licences must be made in writing on a form obtainable from the Secretary of the Capital Issues Committee, Treasury, S.W. 1, delay will be avoided if intending applicants will state which of the following forms they require:—­

    “Form No. 1.  Issue by a proposed New Company to start a fresh
    business.

    “Form No. 2.  Issue by an Existing Company (other than for the
    purpose of capitalising profits).

    “Form No. 3.  Issue by an Existing Company for the purpose of
    capitalising profits.

    “Form No. 4.  Conversion of a Firm into a Limited Company which does
    Not involve the introduction of fresh capital.

    “Form No. 5.  Conversion of a Firm into a Limited Company which Does
    involve the introduction of fresh capital.

“If none of the above Forms appears to be applicable (as, e.g., in amalgamations, sub-divisions of shares, etc.), a statement of the facts should be submitted in writing.”