BOND CIRCULARS 343 



construction of new pulp and papei- mills, of a 

 new saw mill and for working capital, say not 

 less than 3,600,000 



$13,528,375 



Messrs. James D. Lacey and Company report further: 

 "The limits and freeholds controlled by this company 

 are essentially spruce, balsam, cedar and pulp wood prop- 

 ositions, and they are unquestionably among the best tim- 

 bered and most desirably located properties in the Prov- 

 ince of Quebec. Further, this company is in a most envi- 

 able position in regard to the control of the numerous 

 driveable streams penetrating their vast holdings. Valu- 

 able concessions, water powers and other important rights 

 have been secured, and a more practical system of boom- 

 age, dams and other river improvements for the safety and 

 €iuick delivery of their logs during the short driving sea- 

 sons would be difficult to devise." 



SALES. 



The company is the largest manufacturer of spruce 

 lumber in Canada. Almost the entire output has been 

 sold in the European, United States and South American 

 markets. 



The average sales during the last five years have been 

 about 72,000,000 feet of timber, 66,000,000 shingles, and 

 240,000 ties per annum. 



EARNINGS. 



The average yearly net earnings of Price Brothers and 

 Company for the five years from March 31st, 1899, to 

 March 31st, 1904, and for the five years from November 

 30th. 1904, to November 30th, 1909, as audited and certi- 

 fied by Geo. Creak, C. A., including those of the Jonquiere 

 Pulp Company and Price-Porritt Pulp and Paper Company 

 for the three years from November 30th, 1906 to November 

 oOth. 1909, as audited and certified by Messrs. Creak, 

 Gushing and Hodgson, C. A., amount to $336,680.79. 



The earnings of the three companies as audited and 

 certified by the above accountants for the last three years 

 ending November 30th, 1909, after charging all manu- 

 facturing, selling and general expenses, including main- 

 tenance and depreciation of the various plants (no other 

 provision being necessary in view of the low book values 

 of the properties), but before charging interest on bonds 

 and loans, have been as follows: 



