A CONSERVATIVE POLICY.
Including the small profit balance of the previous year and the moderate profit balance for the past year, it would have been possible for the directors to pay some small dividend on the Preference capital, but undoubtedly the directors are to be commended for a cautious policy of simply carrying the balances forward, their action doubtless being prompted partly by consideration of the fact that these quite moderate balances-arise not out of.one, but out of two years' operations. During 'the past year the • Governor of the Company 'visited Canada, Newfoundland and Labrador, and I believe that it was the first time that a Governor of the Company had -visited the Arctic trading posts. The moderate improve- ment in the economic position of Canada has found some reflection in the results of the Stores Department, but the directors state that the improvement in Canada was not sufficiently distributed over all areas to encourage the average customer to extend his purchases to other than prime neces- sities.
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