as ury ▁for ▁an ▁extension ▁of ▁the ▁period ▁in ▁which ▁government ▁lo ans ▁to ▁the ▁company ▁could ▁be ▁paid . ▁The ▁Tre as ury ▁first ▁demanded ▁an ▁aud it ▁of ▁the ▁company ▁accounts , ▁and ▁sent ▁Sir ▁William ▁McC lin to ck ▁to ▁write ▁a ▁report ▁on ▁the ▁financial ▁state ▁of ▁the ▁company . ▁McC lin to ck ' s ▁report ▁revealed ▁that ▁the ▁company ▁had ▁not ▁earned ▁any ▁trad ing ▁prof its ▁since ▁ 1 9 2 5 , ▁but ▁was ▁still ▁pay ing ▁divid ends ▁by ▁taking ▁money ▁from ▁the ▁res erves . ▁The ▁company ▁had ▁reported ▁£ 4 3 9 , 0 0 0 ▁prof its ▁for ▁ 1 9 2 6 , ▁but ▁had ▁drawn ▁£ 7 5 0 , 0 0 0 ▁out ▁of ▁the ▁res erves ▁and ▁f als ified ▁accounts ▁to ▁make ▁it ▁appear ▁that ▁the ▁money ▁came ▁from ▁trad ing . ▁In ▁ 1 9 2 7 ▁the ▁company ▁made ▁a ▁trad ing ▁loss ▁of ▁£ 5 0 7 , 0 0 0 , ▁but ▁money ▁was ▁again ▁drawn ▁from ▁the ▁res erves ▁to ▁make ▁it ▁appear ▁that ▁the ▁company ▁had ▁made ▁a ▁profit ▁of ▁£ 4 7 8 , 0 0 0 . ▁As ▁a ▁result ▁of ▁this , ▁and ▁a ▁report ▁that ▁in ▁ 1 9 2 8 ▁the ▁company ▁had ▁issued ▁a ▁fra ud ul ent ▁prospect us ▁inv iting ▁customers ▁to ▁buy ▁shares ▁in ▁the ▁company ▁and ▁saying ▁that ▁it ▁had ▁earned ▁an ▁average ▁£ 5 0 0 , 0 0