HUDSON'S BAY WRITEOFF MAINLY DUE TO DOME STAKE

  &lt;Hudson's Bay Co> said a writeoff of
  40.4 mln dlrs, or 1.39 dlrs per share, that it took in 1986 was
  mainly due to its investment in Dome Petroleum Ltd &lt;DMP>.
       The company reported an operating profit of 33.0 mln dlrs,
  or 32 cts per share, for fiscal 1986, compared to an operating
  loss of 9,055,000 dlrs, or 1.23 dlrs per share, in the previous
  year.
       Hudson's Bay holds about four mln shares of Dome's 10 pct
  series one cumulative subordinate convertible preferred shares.
      Last March, Dome suspended payment of dividends on all
  preferred shares until June 1, 1987. The shares give the holder
  the right to convert to Dome common shares at 3.33 dlrs per
  share.
      Dome has the right to force conversion if Dome common
  reaches 3.885 dlrs per share. Dome is trading at 1.12 dlrs per
  share, down one ct, today on the Toronto Stock Exchange.
      Hudson's Bay also said it had an increase in 1986 in retail
  operating profit to 185.3 mln dlrs from 111.4 mln dlrs, but
  that was partially offset by an increase of 14.9 mln dlrs in
  interest costs and 25.3 mln dlrs in taxes.
       Hudson's Bay also said its Markborough properties
  subsidiary had an operating profit of 108.6 mln dlrs, up from
  98.8 mln dlrs the year before.
      Profit from non-Markborough real estate was 23.5 mln dlrs
  in 1986, down from 27.6 mln dlrs a year ago.
      Operating profit from natural resources was 4.2 mln dlrs,
  up 1.2 mln dlrs from the prior year. Pensions costs were
  reduced by 34.9 mln dlrs due to an accounting change. Total
  debt declined during the year by 251 mln dlrs to 2.28 billion
  dlrs and debt to equity ratio improved to 1.8 to one from 2.1
  to one.
  

