Not all local authorities or their bankers seem to appreciate that such operations are now permissible only with the consent of the Capital Issues Committee. The consequence is that since the outbreak of war banks have in some cases been making advances which may remain frozen for the duration of the war unless the restrictions are relaxed in their favour.
It can definitely be stated that the banks must not make any advances which would normally be funded out of a public issue unless the intending borrower is able to satisfy them that Treasury consent to the issue has been obtained.
Text read from the printed page and cleaned; old type leaves the occasional error.