§ Mr. GINNELLasked the President of the Board of Trade if the Board has sufficient power to protect the public against improper trading, by direct control of companies or through auditors of their accounts, will he say how an insurance society was allowed last year to pay dividends out of current business, to pay directors by intercepting income and not allowing it to reach the society's books, to use valueless house purchase bonds for collecting purposes, and to spend all the subscriptions of the bondholders in the salaries and expenses of officers?
§ The PARLIAMENTARY SECRETARY to the BOARD of TRADE (Mr. J. M. Robertson)The only obligations imposed by Parliament on assurance companies are those contained in the Assurance Companies Act, 1909, and (in the case of some of these companies) in the Companies Consolidation Act, 1908. I do not know to what insurance society the hon. Member refers in his question, but if he can furnish me with evidence that the provisions of the Act have not been complied with in any respect the matter shall be carefully considered.