§ 84 and 85. Mr. MARCUS
asked the President of the Board of Trade (1) if he will take legislative steps to compel private limited companies to send their creditors every year a copy of their balance sheet and directors' report;
(2) if he will consider the advisability of introducing legislation to compel limited companies, in cases where a general debenture is registered, to mention that fact with the name of the debenture holder on all stationery, so as to prevent firms, with an authorised capital of £1,000 of which only 1s. or 2s. has been taken up, from obtaining credit?
§ Mr. W. GRAHAM
As I have already stated, I am not in a position to promise legislation affecting limited companies but these and other suggestions have been noted.
§ 87. Mr. ALBERY
asked the President of the Board of Trade if he is aware that a concern called the Bank of London, Limited, advertises for business in the foreign Press; that this concern is not in fact a bank in the accepted sense of the word; and whether he will take steps to prevent the use of business names that mislead the public?
§ Mr. GRAHAM
I have no information regarding this company other than that which appears on its file at Somerset House and in the Press. The question of restricting the use of certain words in the names of companies was considered 1683 by the Greene Committee and is dealt with in Section 17 of the Companies Act.
§ Mr. ALBERY
May I ask whether the right hon. Gentleman is aware of the very misleading nature of this name, and will he consider what further steps can be taken by legislation or otherwise to deal with it?
§ Mr. GRAHAM
I have looked carefully at this case. The company appears to have been registered in 1904, and the Companies Act, even if it had been stricter in its terms, is not retrospective and would not cover a company of this kind. But I will make further inquiries.