AMERICAN FORESTRY 



447 



$250,000 Canadian Pulpwood Corporation, Limited 



First Mortgage 8 Per Cent. Serial Gold Bonds 



Dated June 1, 1920. Principal and semi-annual interest (June 1 and December 1) payable in New 

 York funds. Coupon bonds, registerable as to principal. Callable at the option of the 

 Company on any interest date upon thirty days' published notice, at 

 104 and accrued interest. Denominations $1,000.00. 

 THE ROYAL TRUST COMPANY, Montreal, Trustee 

 CENTRAL UNION TRUST COMPANY, New York, Paying Agent 

 Maturities annually from December, 1921 to December 1, 1926. 

 From letter of Mr. Walter Meigs, President and General Manager, we summarize the following: 



(1) The Canadian Pulpwood Corporation holds 102>4 square miles (approximately 65,600 acres) 

 of well located, heavily timbered crown limits, and 17,000 acres of freehold timber and 

 timber rights, in Bonaventure County, Province of Quebec, on the Bay of Chaleur. 



(2) The Company has developed a highly efficient organization for the production, transporta- 

 tion, sale and distribution of its products, which are basically essential commodities in con- 

 stant demand. 



(3) Conservative appraisals show net assets securing this issue of $800,133.07 or MORE THAN 

 THREE TIMES THE AMOUNT OF BONDS OUTSTANDING; while the operation of the 

 Sinking Fund will retire this entire issue before one-fifth of the timber has been cut. 



(4) Net earnings have steadily increased from year to year, amounting for the season 1919-1920 

 to $150,000, and are estimated at over $200,000 annually, or TEN TIMES THE MAXIMUM 

 INTEREST CHARGE ON THE BONDS ISSUED. 



Subject to prior sale and allottment we offer these bonds, as, if and when delivered to us. 



PRICE 100 AND ACCRUED INTEREST WITH 20% IN COMMON STOCK 



The above is summarized from a circular which mil be sent upon request. In underwriting this issue we have 

 thoroughly convinced ourselves of its unusual merit as to safety and returns. 



JAMES D. LACEY AND COMPANY 

 Seven East Forty-Second Street 



PAPER PULP FROM PAPYRUS 

 GRASS 



A RRAXGEMENTS for the manufacture 

 of paper pulp from papyrus grass in 

 Zululand are now in progress, says Vice 

 Consul Charles J. Pisar, of Cape Town. 

 A Norwegian company (Walmer Papyrus 

 Pulp Company) has secured a concession 

 over several hundred square miles from 

 which to reap all reeds and papyrus grass, 

 which are considered to be excellent raw 

 materials for the manufacture of paper 

 pulp. The company is capitalized at 

 ii6o,ooo ($779,000). A factory capable of 

 turning out 6,000 tons of pulp a year is 

 now being erected at Umfolosi. Most of 

 the machinery and equipment was obtained 

 Jbi the United States. 



The company intends at first only to 

 manufacture paper pulp. It is estimated 

 that it will take fully 40,000 tons of raw 

 material to produce the 6,000 tons of pulp, 

 but as the growth of this grass is perennial, 

 and the area where it is found is so ex- 

 tensive, an abundance of raw material is 

 assured each year. The papyrus has to 

 cut by hand in the same way as sugar 

 cane. The grass is dried, passed through 

 a cutting machine, and then pressed and 

 limewashed. An abundance of cheap 

 Colored labor is available. Later on the 

 company intends to extend its operations 

 to the manufacture of paper, textiles, 

 and bags. 



TIMBER HELPS POOR LANDS 



'T'IMBER is essentially a poor-land crop. 

 Steep slopes, poor soil, rocky land, un- 

 usual corners, gullied and wooded tracts 

 all these afford opportunities for growing 

 timber profitably. A careful survey of the. 

 average farm will reveal a surprising num- 

 ber of spots of this sort which can be 

 utilized to advantage. If they do not al- 

 ready have trees, planting them with the 

 proper varieties will materially increase 

 the value of the land. 



Certain kinds of trees, like the locust 

 and the acacias, build up poor soil through 

 the nitrogen-gathering bacteria in the root 

 nodules, according to the Forest Service, 

 United States Department of Agriculture. 

 The soil building power of trees on slopes 

 is a fact which the farmer should not over- 

 look. Steep lands, which have been cleared 

 of timber at much expense, after being cul- 

 tivated for a few years often became gul- 

 lied, and the rich lands adjoining are cov- 

 ered with deep deposits of sand. The surest 

 and cheapest method of protecting such 

 slopes is to maintain forests on them. 



Small gullies can be stopped up by 

 closely packed brush and tree tops, an- 

 chored by stakes if necessary. Large, open 

 gullies are checked successfully only by 

 planting over the entire gully basin, sup- 

 plemented by low brush dams across the 

 larger units of the gully. 



PHOTO - ENGRAVINGS 



Publications, advertisers, 

 printers, users of engravings 

 of all kinds have learned that 

 Gatchel and Manning plates 

 reproduce faithfully, from 

 the simplest one-color to 

 elaborate full-color plates. 



We would welcome a 

 chance to send to anyone 

 not familiar with our work 

 proofs of what we have done 

 along lines similar to his 

 requirements. 



GATCHEL > MANNING, INC. 



^^.ASTINSON. PRESIDENT 



(Plioto&ngmvcrs 



PHILADELPHIA 



OpjjosiU' ymlipcndnnce 9lali 



