ABSTRACT
The campaign on the issues began soon after the beginning of the war, for in February 1940 JB Braithwaite of Foster & Braithwaite was suggesting that there was both an opportunity and need to reduce rebate costs war conditions present us with a unique opportunity. The Treasury had learned a lesson from the 1914–1918 war the control of capital issues was implemented by government regulation that thus applied to outside as well as Exchange issues, rather than by a temporary regulation of the Exchange that could only apply to members. To mitigate this possibility, the Exchange was prepared to recognise all members of certain overseas exchanges as eligible to be agents who would qualify for the higher level of rebates of commission. There had been a gradual development of the volume of business handled by provincial exchanges partly because of the London Stock Exchange's policy on rates of commissions and its attitude towards the provincial exchanges.
