§ 85. Colonel GRETTON
asked if the usual reports and accounts are submitted at the regular periods by the controllers and liquidators of the German banks in 46 this country; if he will state what form the supervision of the controllers and liquidators of these banks by the Treasury takes; and, if such reports have not yet been furnished, will he state the reason?
§ Mr. McKENNA
The controller of the German banks is under no obligation to furnish reports except when called for; and no formal reports have been found necessary in this the controller has been acting in close touch with the officers of the Treasury. The supervision of the controller takes the form of seeing that the objects of his control, namely, the realisation of assets, the payment of debts to non-enemy creditors, and the disposal of securities, etc are properly carried out; and that no banking business is transacted. The controller has been asked quite recently to furnish a comprehensive report of all that has been done in connection with these banks; and he is preparing his report.
§ Colonel GRETTON
Is the right hon. Gentleman aware that it is the usual practice in winding-up companies under the ordinary law that periodical and regular reports should be submitted; that these operations are under the constant supervision of the Board of Trade; and why is that not done in the case of German banks?
§ Mr. McKENNA
I do not think that there is any real analogy between the two cases. In the present case these businesses cannot be conducted, and they are not allowed to go on.