No logs found in SharePoint 14 hive folder???

Hi there, I use SharePoint 2010, 

I just noticed that on our single server DEV installation we do not have any logs being saved in C:\Program Files\Common Files\Microsoft Shared\Web Server Extensions\14\LOGS 
I checked this is the location in Central Admin > Monitoring > Configure Diagnostic Logging.

Any clues what might be going wrong here?

Thanks so much.