§ 62. Mr. GINNELLasked the President of the Board of Trade whether the Board has considered the special report of the auditors, Messrs. Stokes Brothers and Pim, to the shareholders of the Guardian Bank, Dublin: the refusal of that firm, on the bank's failure to redress the irregularities pointed out, to allow their names to go forward again as auditors of the bank; the resignation of the three principal directors of the bank; the refusal of the former solicitor of the bank to continue to act for it; and the suppression by the bank of any report of its last annual meeting; whether the Board has obtained a satisfactory explanation of the statement in the directors' report that out of a capital of £6,811 1s. 6d. an expenditure of £7,235 1s. 1d. has been made, leaving a cash asset of £857 12s. 3d.; whether this sum is in fact available; whether the preliminary and development expenses have been on the usual scale in proportion to the magnitude of the property; and whether the Board will allow this institution, so managed and in that condition, to continue trading?
Mr. BUXTONThe Board of Trade have not seen the special report of the auditors to the shareholders of the Guardian Bank, Limited. The only official information which the Board have with reference to the company is that contained in the returns filed with the Registrar of Joint Stock Companies, which show that three of the directors have recently resigned, and that on 30th June last the company had £857 12s. 3d. cash in hand and at the bank. I am not prepared to express an opinion as to whether the preliminary and development expenses have been on the usual scale. The Board of Trade have no power to prevent a company trading, and they have no information with reference to the other matters referred to in the hon. Member's question.
§ Mr. GINNELLMay I ask the right hon. Gentleman whether the Board of Trade has been informed that since this question appeared on the Paper the secretary has also resigned?