JOHN LEWIS.
Although the annual report of John Lewis and Co. had con- tained a most exhaustive review of the work and results- of the year covered by the accounts; Mr. J. Spedan Lewis was able to enlarge upon one or two points at the annual meeting last week, a report of which, together with the information appended to the accounts, appears in another column. Some discussion has turned upon the amount paid to employees over and above salaries, and not charged to Profit and Loss Account, but Mr. Lewis pointed out that the amount charged to Profit and Loss Account had been the full annual remunera- tion; the difference was- in the nature of profit-sharing, and he emphasized the fact -that no preference shareholder could lose one penny unless the chairman (himself) first lost the whole of his estate which is comprised in his interest in John
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