344 TIMBER BONDS 



1907 1908 1909 



Price Brothers and 



Company. Limited. . .$391,141.73 $224,082.93 $276,283.68 

 The Jonquiere Pulp 



Company 65,823.76 45,993.10 88,167.20 



Price-Porritt Pulp and 



Paper Company 17,894.66 13,452.83 34,316.09 



$474,860.15 $283,528.86 $398,766.97 



The average yearly earnings of the above companies 

 for the past three years thus amount to $385,718.66, al- 

 though 1908 was a bad year resulting from general indus- 

 trial depression. 



The timber limits have been worked to only one-third 

 of their capacity, while taxes and dues on the whole of 

 the property (including the two-thirds unworked) have 

 been paid to the Government, and charged against the 

 earnings. 



ESTIMATED PROFITS. 



It is estimated that the earnings of the above com- 

 panies for the fiscal year of 1910 will amount to $400,000 

 and that the new mills, including a new saw mill, when 

 completed, will produce an additional profit amounting to 

 about $500,000. These estimated earnings of $900,000 are 

 three times the interest charges on the total issue of 

 $6,000,000 bonds. 



Yours faithfully, 

 PRICE BROTHERS & COMPANY, LTD., 

 (Signed) William Price, President. 



Applications must be made on the accompanying form 

 and forwarded, with a cheque for the amount due on 

 application, to Royal Securities Corporation, Limited, 75 

 Lombard Street, London. E. C. If only a portion of the 

 amount applied for be allotted, the balance of the deposit 

 will be applied towards the payment due 1st December, 

 1910. Interest at the rate of 5 per cent, per annum will 

 be charged on all installments not paid on the due dates. 

 Failure to pay any installment when due will render the 

 amount previously paid liable to forfeiture. 



Application will be made in due course to the Commit- 

 tee of the London Stock Exchange for an official quotation 

 of the bonds. 



Holders of existing 6 per cent, bonds of Price BrotJiers 

 & Company, Limited, may deliver their bonds at 105 per 

 cent, and interest on account of payment for allotments. 



