RT_TDSON BAY REPORT.
Although recovery in the financial position of the Hudson Bay Company may be slow, it seems to be sure, and the feature of the report covering the year ended January 31st last is the fact that instead of a loss there is now a small profit. For the year ended January 31st, 1931 there was a trading loss of 1761,744, which in the following year was reduced to £465,996, and for the year succeeding it fell to 152,205. Now, however, that loss has been turned into a net profit of 128,753. This improvement has been effected in spite of continued depression in Canada, and is apparently largely the result of economies and greater efficiency. Moreover, although during the second half of last year conditions in certain parts of Canada im- proved greatly, that improvement unfortunately did not extend to the great Prairie Provinces in which the operations of the Hudson Bay Company are chiefly carried on. While, therefore, there may be reason for satisfaction at the recovery so far established, it is quite evident that a recovery sufficient to bring back dividends to Hudson Bay shareholders will have to depend very largely upon such an improvement in the world's trade as favourably to affect the Dominion of Canada as a whole.
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