WAR TIME INVEST MENTS

Grey River Argus, 15 June 1918, Page 4

WAR TIME INVEST MENTS

HOW THE REGULATIONS ARE OPERATED.

The Hon Arthur M. Myers (ActingMinister of Finance) «*tated in Auckland on Saturday that over 100 applications had been received and dealt with, during May In connection with ■he -vniuug of the new War Regulations gazetted on April 30, prolriror restricting, except with the consent of the Minister of Finance, the rising of capital, registration of companies, and the isueing of shares 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 axeess of £3000 can be undertaken without permission of the Minister of finance. This docs not apply to private residential buildings or to cases of reconstruction, repair to the extent of insurance moneys. In the case of companies which are now in operation no increase of capital is permitted ' either by the creation and issue of new shares or by the calling up of any shares or portion of such shares. already issued, or by the issue of debentures, without consent of the Minister of Finance. In the case of companies which are not incorporated in New Zealand, it i 3 necessary for application to be made to the AttorneyGtmeral may refuse to. issue a certificate if .the objects of the company are considered to be not essential in the public interest. In the case of companies incorporated out of Now Zealand, the .Attorney-General may refuse io issue -a license! to carry on business within New Zealand, if the businoss is to be not' essential. ' • "

The majority, of applications which have been received seek permission to continue ' transactions • which were already in process of settlement when

pae regulation came into force, and it has not been deemed advisable to refuse permission in such cases.

Mr Myers stated that every consideration is being given to applications coming under the regulations, and is |only in cases where works have not been already begun and where it is con sidered that such works arc not essential in the interests of the public that applications have been refused.

They are coming in freely, and are being promptly dealt with by the Treasury staff.