HUDSON'S BAY COMPANY
A GENERAL COURT of the Governors and Company of Adventurers of England Trading into Hudson's Bay was held on April 26th in London.
Mr. P. Ashley Cooper (the governor) said that trading conditions in all the countries in which they operated, with perhaps the excep- tion of Great Britain, were now definitely worse than they had been at this time last year. During the earlier part of the year there had been a general maintenance of trade, but with falling commodity prices a wave of lack of confidence had spread over the world. They had first felt it in the international markets of their fur trade, then in their operations in the United States and rinally in their stores department in Canada. It was there that they had their largest operations and therefore, although the recession had reached Canada last, they had felt it sharply when it did arrive. The fur trade was particularly vulnerable and it was that department which had had to bear the brunt. Their one satisfaction was that it had been no worse, as it might well have been. Their trading profits, including those of the land department, had fallen by £57,000.
He could not hold out any hope of marked improvement in the results of the current year. Taking the longer view, however, they could look forward to the future with confidence.
The report was adopted.
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