§ 17. Major HARVEYasked the President of the Board of Trade if, when amending the Companies Act, he will do so in such a manner that such reserves as are now called hidden reserves must be disclosed in future published accounts, unless all losses are disclosed, so that the proprietors in a public company may be informed as to the precise validity of the published and unpublished reserves?
§ 10. Lieut.-Colonel HENEAGEasked the President of the Board of Trade if he will, when amending the 1929 Companies Act, provide that the aggregate total of all reserves shall be stated in audited and published accounts of public companies so that the certified accounts shall in future disclose the whole truth of a company's position and show when hidden reserves have been used to meet hidden losses or for dividend purposes?
§ Mr. W. GRAHAMThe hon. and gallant Members' suggestions have been noted.
§ 26. Mr. MARCUSasked the President of the Board of Trade if, in view of the present state of company law as revealed in recent cases, he intends to appoint a committee to formulate proposals designed to safeguard the interests of the public?
§ Mr. GRAHAMI do not know what provisions of company law my hon. Friend has in mind, and, as at present advised, I do not propose to appoint a committee. The Companies Acts were amended in 1928 following investigation by the Greene Committee, and the new Companies Act, which incorporated the Amendments, has been in operation less than two years.
§ Sir J. FERGUSONMay I assume that the right hon. Gentleman will do his utmost to put this matter upon a proper footing, as there is a very great feeling of insecurity under the Companies Act at present?
§ Mr. GRAHAMIn reply to the supplementary and other questions, I have already informed the House that many proposals have been noted for consideration if and when the Government are able to undertake amending legislation.