The accountant will congratulate the shareholder and proceed to examine the accounts with interest and admiration, for at last one of Great Britain’s largest combines has dared to lift the veil and presented us with accounts which are clear and informative. It has submitted, along with the usual statutory requirements, a consolidated statement of assets and liabilities of the company itself, its subsidiaries and sub-subsidiaries, and also a consolidated statement of profits. The main offenders appear to be the heads of the companies themselves, who apparently consider it advisable to keep the public in perpetual ignorance as to their affairs. Of course it may be argued that the preparation of consolidated accounts would be impracticable in the case of large companies. The investments in associated companies are, of course, not subsidiaries as defined, but will constitute large holdings nevertheless in companies which may eventually become subsidiaries.