5 MAY 1939, Page 44


Presiding at the 270th meeting of the " Governor and Com- pany of Adventurers of England Trading into Hudson's Bay " on Tuesday, Mr. Patrick Ashley-Cooper announced that nearly all the main influences on the company's trade had been adverse during the past financial year, which ended on January 31st. He enumerated, in particular, unsatisfactory business conditions in the U.S.A., low wheat prices and the downward trend of fur prices in the earlier part of the year. From these causes all departments of the company's busi- ness had participated in a decline in trading profits, though the Governor explained that the decline would have been more severe had it not been for the contribution which mining of various kinds is now making to Canada's income. The company also received increased collections from land sales, though he felt that there would have been a decline under that heading had it not been for the Canadian Govern- ment's guaranteed wheat price.

In view of the wheat-marketing problems and the financial position of the Canadian Provinces, Mr. Ashley-Cooper felt that some decline in revenue must be anticipated in the first six months of the current financial year. But he has by no means lost his faith in Canada's potentialities and was even pre- pared to prophesy a good year for the company on three assumptions : the continuance and intensification of the pre- sent slight improvement in United States business conditions, another good wheat crop, and continued mining develop- ment. The last two conditions seemed likely to be fulfilled.

J. D. M. J. D. M.