On the Move Again


ing debt into equity, however difficult to justify on other grounds, could bring about this result There are two other directions in which policy should move. Firstly, it is well known how economic concentration is made possible by cross- holding of investments. As a first step in the direction of a positive policy of breaking up concentration, companies may be required to disgorge some of their security holdings. Second, banks have become financiers of even the permanent working capital requirements of companies. This part can be converted into debentures. This is the direction in which the new control measures planned by Reserve Bank should bo aiming.