This article focuses on the problem of whether every corporation should be compelled by law to publish detailed reports of internal affairs. The article considers the objections to this proposed legislation, makes some general observations on the problem, and draws conclusions from the survey conducted as of September 1929. Among the arguments in support of this proposed legislation a considerable amount of propaganda was encountered. Very convincing theories were put forth in some instances which upon close scrutiny proved wholly fallacious. The same deceptiveness will be found among the objections in a still greater degree. In fact a discussion of the objection is a grand expose of misleading arguments that have been broadcast by the defense in order to develop a strong public opinion against the proposed law. Salient among defense arguments stands the objection that a law which required publication of corporate affairs would be in violation of the private rights of corporations. The private business corporation, it is said, is a private concern just like a personal enterprise or partnership and the public is not justified in meddling in its affairs.

The article focuses on the controversy created in the U.S. by a proposal contained in a book that every corporation should be compelled by law to publish complete detailed reports of its internal affair. Corporate reformers urge for the adoption of the proposal on the ground that it would protect defenseless stockholders from being swindled by corporate managers and would in other ways contribute to the public welfare. The opposition is composed of those corporate managers who maintain that the proposed laws would not only fail to produce the good results expected of them, but would also hamper business activity and progress. The complete reports would include a statement of affairs, or balance-sheet, and a statement of incomes and expenditures, or operating statement. It is intended to secure for public inspection reports which are detailed at least as fully as is customary in the particular trade for the use of creditor banks. The author analyzes the advantages and objections to the plan and finally some general observations and conclusions are given.