HUDSON'S BAY PROGRESS.
Whenever there is a prospect of a company issuing new capital on bonus terms there is a tendency to fasten attention on that point rather to the exclusion of the actual progress as indicated in the report. The Governor and Court of the Hudson's Bay Company have announced their intention at the forthcoming meeting to seek powers for an increase in the capital to the extent of £1,000,000 in new shares, of which it is intended to issue 500,000 in the near future. The report in which this announcement was made is, however, in itself, a thoroughly good one, completely justifying the additions of capital which have been made from time to time. The trading profit for the year increased slightly from £423,000 to £428,000, while the sales of land gave a larger yield, so that even after paying the same dividend as last year of 10 per cent. out of the Land shares, the carry forward is £47,600, against only 13,836 a year ago. The, dividend of 15 per cent. out of the trading results is also maintained, so that the entire distri- bution for the year is 25 per cent. During the year the Capital Reserve Fund has also been increased. and an addition of £85,000 has been made to the Buildings Sinking Fund and £75,000 added to the Dividend Equalization. Account. The annual meeting is awaited with the usual interest, as the Governor always gives an exhaustive account, not merely of the company's progress, but of conditions in Canada.
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