§ Mr. Whitaker
asked the President of the Board of Trade whether, in view of recent collapses, he is satisfied that the safeguards provided by the Protection of Depositors Act are adequate; and if he will make a statement.
§ Mr. Jay
The main purpose of the Protection of Depositors Act is to enable 265W depositors to judge for themselves the financial soundness of a company advertising for deposits by making available to them at six-monthly intervals accounts in a prescribed form. The effectiveness of the Act, therefore, largely depends on the use depositors make of this information.