WAR TIME INVESTMENTS.

Dominion, Volume 11, Issue 219, 4 June 1918, Page 4

WAR TIME INVESTMENTS.

HOW TUF, REGULATIONS OPERATE.

The Hon. Arthur M. Myers Minister of Finance) stated' in Auckland oil Saturday that over 10(1 applications had been received and dealt with during May in connection with the working ol the new War Regulations gazetted on April .10, prohibiting or restricting, except with the consent of tile Minister of Finance, the raising of capital, registration of companies, and the issuing of chares and debentures by companies for any purpose that is not deemed to be in the public interest.

The regulations are very comprehensive, and provide that no development work in excess 0f,,£3000 'an be undertaken without permission, of the Minister of Finance. This does not apply to private residential buildings or to cases of reconstruction or repair to Iho extent, of the insurance moneys. In the case of companies winch aro now in operation, no increase of capital is permitted either by tho creation and issue of new shares or by the calling up of any shares or portion of such shares already issued, oi* by the issue of debentures, without tho consent of the Minister of Finance. In the case nf companies which are not incorporated in New /.calami, it is necessary for application to bo made to the Attorney-General, who, nndor the regulations, is empowered to refuse to issue a certificate if the objects of the company are considered to be not essential in the public interest. In tho caso of companies incorporated out of New Zealand, the Attorney-General may. refuse to ismc a liconso to cam' on business within New Zealand if tho business is consider«l to be not essential. Tho majority ci tho applications which bave been received seek permission to continue transactions which were already in process of settlement vhen the regulation came into force, aiid it has not been deemed advisable to refuse pcrnus6ion in such cases. Mr Myers stated that every consideration is being given to applications coming under tho regulations, and y. is only in cases where works have not ocen already begun and where it is considered that such works arc not essential in the interests of the public that applications have been refused They nre coming m free] y, and aic being promptly dealt with by the Treasury stall'.