ARMY AND NAVY STORES.
Too late for detailed comment in the current issue, there has appeared the report of the speech delivered by Lord Ebury at the annual meeting of the Army and Navy Co- operative Society. I regard the comments made by Lord Ebury upon the general economic situation, and especially upon the problem presented by the lag in the fall of retail prices as compared with wholesale prices, as of so much importance and of such practical value that I shall hope to deal with them very fully next week. Meanwhile, I note that the Society has profited once more from skilful management, so that, notwithstanding these times of depression, the decrease in the profit is moderate and considerable economies must have been achieved in certain directions of expenditure. It is true that the total, including depreciation and interest payments, advanced by £10,000, but that increase included an advance of 113,413 under the heading of Lighting and Rates and Taxes. During the year there was a considerable increase in the honorary membership of the Society. The balance-sheet, too, is a satisfactory one, the decline on Invest- ments, at market value, of 81- per cent. being a very moderate one having regard to the depression in many forms of Stock
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