§ 20 and 21. Mr. KELLY
asked the President of the Board of Trade (1) if, when setting up the departmental committee for the amendment of the Companies Act, 1929, he will include in the terms of reference power to consider the proposal that in the half-yearly statement exhibited in its place of business by every limited banking company the amount of its published reserves shall be shown as represented entirely either by gold or foreign liquid resources representing gold, in accordance with paragraphs 354 and 370 of the Macmillan Report;
(2) whether, when setting up the departmental committee for the amendment of the Companies Act, 1929, he will include in the terms of reference power to consider proposals to give effect to paragraphs 365 to 374 of the 2628 Macmillan Report, relating to English and Scottish limited banks, so as to provide that their future expenditure under premises account shall be made out of profits?
§ Mr. W. GRAHAM
There is no present intention of setting up a committee to consider the amendment of the Companies Act, and in any case such a body is not likely to be concerned with the recommendations of the Macmillan Committee which are rather a matter for my right hon. Friend the Chancellor of the Exchequer.
§ Mr. GRAHAM
Oh yes, I have no doubt that all these points will be considered when the Macmillan Committee's Report is analysed, but this matter is one rather for my Tight hon. Friend the Chancellor of the Exchequer.