WAR TIME INVESTMENTS.

Otago Witness, Issue 3352, 12 June 1918, Page 22

WAR TIME INVESTMENTS.

HOW THE REGULATIONS OPERATE. The Hon. Arthur M. Myers (Acting Minister of Finance) stated in Auckland on Saturday that over 100 applications had been received and dealt with during May in connection with the working of the new War -Regulations gazetted on April 30, prohibiting or restricting, except with the consent of the Minister of Finance, the raising of capital, registration of companies, and. the issuing 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 excess of £3003 can 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 the extent of the insurance moneys, [a 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 the consent of the Minister of Finance, In. the case of companies which are not incorporated in New Zealand, it is necessary for application to be made to the Attorneygeneral, who, under the regulations, is empowered to refuso 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 New Zealand, the Attorney-general mav refuse to issue a license to carry on business within New Zealand if the business is considered to be not essential. The majority of the applications which have been received seek permission to continue transactions which were already _in process of settlement when the 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 it is only in cases where works have not been already begun and where it is considered that such works are not essential in the interests of the public that applications have -been refused. They are eominc- in freely, and are heme: promptly dealt with bv the Treasury staff.