5 MAY 1939, Page 44

HUDSON'S BAY COMPANY THE 270th annual general court of the

Governor and Company of Adventurers of England trading into Hudson's Bay was held en May 2nd in London. Mr. Patrick Ashley Cooper (the Governor) said that American business conditions got steadily worse until the closing months of 1938. It was impossible for Canada to remain unaffected by this, and almost every industrial activity declined during the year. They would not be surprised to heart therefore, that their profits had suffered. Their profit on trading was £237,794, against £309,224.

With regard to the outlook, a predominant influence on their operations must be the extent and speed of recovery in the U.S. If the present slight improvement in the country continued Canada would benefit considerably. This, combined with another good wheat crop and the continuance of mining developments would promise a good year ; but there would still remain to be solved the important problems of marketing the wheat and of effecting a real improvement in 'the financial position of the provinces. In view of these continuing difficulties he thought they must anticipate some decline in revenue at least during the first six months of this year.

The report was adopted.