HARRODS.
I referred a fortnight ago to the fall of nearly £60,000 reported in the profits of Harrods, Ltd. in the directors' preliminary statement, but the report which has since been issued is of interest as giving some indication with regard to the character of the decline and its bearing upon individual spending power. The report shows that the number of customers actually increased and constituted, in fact, a fresh high record. Evidently, then, the value of individual pur- chases must have been smaller, and the point is of practical interest because, given an increase in the number of customers, there should be an automatic increase in the extent of their purchases when better times come. The report shows that £10,000 has been allotted to the Special Reserve, while the balance-sheet is a good one, for the assets include gilt-edged stocks of market value of no less than £1,228,000, while (Continued on page 319.)
Financial Notes
(Continued from page 318.)
the cash totals £571,000. In considering this liquidity it has, of course, to be remembered that there is a banking depart- ment where deposit and current accounts stand at £1,266,000. The balance-sheet, however, is free from any secured liabilities in the nature of debentures or mortgages.
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