asked the Chancellor of the Exchequer why Treasury permission has been given to Messrs. Vickers Limited to capitalise reserves to the extent of over £6 million and to distribute that sum in the form of fully-paid bonus shares to the company's stockholders.

The Capital Issues Committee recommended consent and the Treasury acted on that recommendation.

Even though this sort of thing is technically permissible is it not morally unjustifiable, fully inflationary, and contrary to all that the Chancellor has been saying over the last 18 months?

I was asked why, and I have answered why.