30 APRIL 1927, Page 31

A WELL-MANAGED CONCERN. On more than one occasion I have

referred to the sound ns.ervative management of the Army and Navy Co-operative 'etY, and fresh justification of such reference -is afforded Y the fact that in spite of the industrial depression of last ,ear the net profits. shoWed only a very slight reaction and rre Company was able to maintain its dividend of 25 per cent. ler adding £20,000.to..Reserve, while the Carry forward is ereased. The Re'serva-Fiind now stands at 1393,000, and le cash position is a strong one. _

A. W. K.