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Friday, 21 June 1946

Mr CHIFLEY - It is true that it is not necessary to obtain approval for the formation of companies with a nominal capital up to £10,000. With regard to capital issues control generally, I have always held the view, which is shared by many people not associated with politics, that such control is needed in peace as well as war. Had such control been exercised in the past, the circumstances in which many companies were formed in this country by people of dubious reputation, and in which great numbers of the public lost money, would have been avoided. However, I shall examine the matter with respect to the limitation of capital up to £10,000. I have been discussing with the States whether capital issues control should be continued after the present controls cease. Some of the States believe as I do that this control should be continued. I shall examine the matter and furnish a detailed reply to the honorable member.

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