HC Deb 09 May 1939 vol 347 cc317-8W
Mr. Liddall

asked the President of the Board of Trade whether, in consultation with the Institute of Chartered Accountants, he will consider amendments of the Companies Act, 1929, to ensure that auditors or accountants of a company shall in future be given better opportunities of discovering transactions such as those of the Itas Company which have been brought to his notice?

Mr. Stanley

I am informed that no record of the transactions to which I understand my hon. Friend refers appeared in the official books of this company, and that account of them was withheld from the auditors. I do not think that it would be possible by an amendment of the Companies Act, 1929, to en- speed. The value of the principle of compensative shading was fully recognised in the last War, but both experience and numerous experiments have shown that no matter how carefully compensative shading is applied, it is not possible to devise a system of application which will effectively decrease the visibility of vessels at sea. But my hon. Friend can rest assured that the Admiralty when necessary consult all specialists who may be able to assist, including scientists who are specialists in biological camouflage.