Amer AND NAVY CO-OPERATIVE.
General regret was expressed by shareholders at the meeting of the Army and Navy. Co-operative Society that Lord Ebury- the life and soul of the business—should have been prevented from presiding this year owing to his recent severe accident. It is indicative of Lord Ebury's devotion to the interests of his business that although on a sick bed he prepared his speech as usual, which was read for him by the Vice-Chairman. As was recently shown in the annual report, the Army and Navy Co-operative Society has made a gallant and successful fight during the past year against depressed trade conditions by keeping its prices low and thereby maintaining the activities of the business ; though, at the same time, even after allowing for further cuts in expenditure, there has been, of course, a reduction in profits. Not the least striking part of Lord Ebury's address was his reference to the severe strain imposed upon the business by the burden of taxation. The Chairman of the Army and Navy Co-operative Society, in making a comparison between profits earned for the shareholders and the amount paid to the Government in taxation, said : " I think you will be interested if I illustrate the extent to which the Powers that be' are ' sleeping partners' in our business by stating that income tax, property tax and rates amount to approximately 290,000 as compared with £102,500, the amount of the dividend to shareholders."
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