A GREAT UNDERTAKING.
Ostensibly, Mr. Nordon's criticism of the conduct of the Hudson's Bay Company seems to be based upon the fact that earning power has not sufficiently expanded, especially having regard to the fact that in recent years there have been new issues of capital at a substantial premium, while for the past year there was an actual set-back in earnings. Those in the City, however, who have followed the fortunes of the Hudson's Bay Company are not in- clined to support Mr. Nordon's agitation. In the first place, the Court of Directors of the Hudson's Bay Company is com- posed of men of the very first standing. In the second place, it is thought that much of Mr. Nordon's criticism is due to want of conception of the character of the Hudson Bay undertaking with its great responsibilities, not only to shareholders, but to Canada and the Empire, and in that connexion it was almost inevitable that during recent years there should have been heavy outlays in capital in directions where time must neces- sarily elapse before the full reward could be reached. And finally, it is considered that Mr. Nordon and other critics have completely failed to appreciate the tremendous setback which occurred during the second half of last year in Canadian prosperity, owing to the fall in wheat prices.
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