HC Deb 13 August 1940 vol 364 c582
13. Mr. Stokes

asked the President of the Board of Trade whether he is aware that the balance-sheets published by banks do not, in fact, give a true return as they do not reveal the extent of authorised overdraft; and, as the concealment of any relevant figure is a breach of the Statute, Companies Act, 1929, will he consider taking steps to regularise the present practices?

Sir A. Duncan

Section 124 of the Companies Act, 1929, requires that every balance-sheet of a company shall contain its liabilities and its assets, together with such particulars as are necessary to disclose their general nature. Section 134 requires the auditors to report whether, in their opinion, the balance-sheet is properly drawn up so as to exhibit a true and correct view of the state of the company's affairs. I am advised that the present practice in regard to balance-sheets published by banks strictly conforms to these statutory requirements.