Dig Business Keeps Secrets

One reason why big business continues to make easy profits is that the law protects it. The recently published Companies Bill contains nothing to change this situation. It is quite clear that it has not been designed to assist the workers, though it is the workers who need to know much more of the details of company accounts. The Bill requires that any person who owns at least 10 per cent of a company's shares shall reveal his identity. This is a pathetically weak attempt by the Board -’ of Trade to get somewhere near to finding out just who does own big business. At present people can and do hold millions of shares anonymously in "nominee" bank accounts. Eege in 1961, the following are listed as the bigrest holders in the 124 million Daily Mirror shares: Strand nominees about 11 million, Midland Bank nominees 4% million, So even uner the Companies Bill these particular nominees would not have to-reveal themselves. We know that. British industrial ownership is dominated by the vast network. of inter-locking directorships, but we are not sure which firms are subsidiaries of parent companies, and one of the bigcest city sensations of recent years was the revelation that Imperial Tobacco owned over a third of its ostensible rival Gallacher. ind just how many other interests do companies like British Electric Traction, which owns most of Britain's the companies (and is referred to on another page) actually ave .