* * * * ARMY AND NAVY STORES.
The latest Report of the Army and Navy Stores is an en- couraging one. There has been a quiet, steady rise in earning power during the last 'three years, the gross profit for 1933 showing an increase of about £2,000 compared with the previous year, while for 1984 there is an increase in the gross profit of over £16,000 and in the net profit of over £8,000. The Direc- tors are maintaining the dividend of 121 per cent., but the balance carried forward is increased by about £7,500 to £120,966. There are full depreciation allowances on pre- mises and factories and the balance-sheet position is a strong one, with a total of Cash of £117,809, against 295,133 a year ago, while investments in Government and other Securities at market value figure at £735,421, against £669,466. The amount due to trade creditors is about £100,000 higher, but the liabilities for Deposit Interest Account and Deferred Pay have fallen by more than £100,000.