It is impossible that the London Stores should not feel
the effects of the general trade depression, and the fall in prices which has now extended fairly generally to retail businesses. Having regard to those. conditions I consider, therefore, that the latest report of Selfridge and Company snaked a satisfactory showing 'although the trading profit of £341,559 compared with just over £400,000 in the previous year. The report shows, however, that a sum of 1175,006 is transferred to the General Reserve, while against this £125,000 is written off interest in subsidiaries. The Whiteley guarantee calls for £76,487 in respect of the year to January 80th last, while the dividends on the Preference, Preferred Ordinary and Staff Participating shares absorb £183,567. The dividend on the Ordinary shares is 4 per cent. against 8 per cent. a year ago, leaving £94,371 to be carried forward. The Property account has risen by £210,000 on balance and the mortgages and balance of purchase money payable at a future date have risen from
£506,479 to' £729,407. "
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