338 TIMBER BONDS 



2. The assets forming the security for the new bonds 

 will amount to about $13,500,000, of which over $8,000,000 

 represent freehold and leasehold timber and pulpwood 

 lands constituting a security of constantly increasing 

 value, owing to the rapid depletion of the available sup- 

 plies of timber in the United States. 



3. The average earnings for the last three years 

 amount to more than IM; times the interest on the £1,000,- 

 000 of bonds, and the estimated earnings of the combined 

 operations, after the completion of the paper mills, cover 

 the amount required to meet the entire bond interest three 

 times over. 



4. The past earnings have been derived from careful 

 operation of the company's limits to the extent of only 

 one-third of their capacity and after the construction of 

 the new mills the business of the company will require the 

 operation of the limits to the extent of only two-thirds of 

 their capacity. 



5. The new paper mill is the development on a larger 

 scale of the Jonquiere paper business which has been oper- 

 ated profitably for several years past. 



6. A sinking fund of 2 per cent., cumulative, begin- 

 ning 1915, will redeem practically the entire issue before 

 maturity. 



The bonds are being offered simultaneously in Canada 

 by Royal Securities Corporation, Limited, Montreal and 

 branches, in London by Parr's Bank, Limited. 



PRICE BROTHERS & COMPANY, LIMITED. 



Quebec, P. Q., November 1st, 1910. 

 Messrs. Royal Securities Comporation, Limited, 

 164 St. James Street, 

 Montreal, P. Q. 



Dear Sirs: — Referring to the 5 per cent, first mortgage 

 sinking fund gold bonds of this company, I beg to sub- 

 mit the following information: 



The business of Price Brothers and Company has been 

 in existence for a century. It was incorporated under the 

 .Joint Stock Companies Incorporation Act of the Province 

 of Quebec, November 28th. 1904 (and has since been 

 brought under the Quebec Companies Act), for the manu- 

 facture and sale of spruce and other lumber, ground wood 

 pulp, sulphite-pulp and paper. The Capital Stock of the 

 Company, authorized and fully paid, is $5,000,000, of which 

 more than half is owned by members of the Price family. 

 The company in itself, together with its ownership of all 

 the assets or all the issued capital stock of the Price- 

 Porritt Pulp and Paper Company (the latter free from lia- 



