The annual Report of the Hudson's Bay Company fully bears
out the favourable impression created by the dividend announcement. The net profit on trading for the year was 2254,000, as compared with 2211,000 in the previous year, while the outstanding feature, of course, was the increase in the farm land sales, where the total realized was £417,388, as compared with £190,797 for the preceding twelve months, Consequently, there is a balance this year to the credit of the Land Account of £68,787, as compared with a debit balance a year ago of £33,246. It is this change in the position which has enabled the company to make a distribution of 31 per cent. in respect of the land department. On that portion of the dividend no Income Tax, naturally, is payable. During the past year, the company made its further issue of 500,000 ordinary shares of £1 each—thus making a material contri- bution to industrial capital for Canada—and the whole of the expenses of the issue have been charged against the profits-of the year. In spite of that fact, however, the company was able to maintain its dividend on the Trading Account of 20 per cent. for the year, while the carry forward of £102,235 is slightly in excess of the amount of a year ago. In view of the great increase both in land sales and net profits from trading, considerable interest attaches to the forthcoming annual meeting and the statements then to be made by the Governor,
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