Mr Tyer takes £SOOO of the purchase money of bis business in paid-up shares of the Company, and allows the balance to be paid out of a proportion of the calls of the Com pany as they come in, while the New Zealand Leather Manufacturing Company allow the payment for their business to be made by quarterly instalments extending over four years. The effect of these concessions by the Vendors will be to give the Company the im mediate benefits of the daily sales from the large stocks on band in both placer, and pro vide an easy working capital without Bank assistance. | 8. The profits available from the working of | such a business are exceedingly remunerative, and as an evidence of this the Vendors guaran tee that the profits of the Company during its two years of working will pay a clear dividend to each shareholder of 10 per cent, per annum. 9. The magnitude of the demand for the manufactures of the Company is shown by the fact that orders are daily increasing in all de partments, while the combination of the two businesses not only lessens tbe competition, but greatly diminishes working expenses. Mr Tyer will undertake the responsible office of Managing Director for at least two years, which is in itself a guarantee of tbe con tinuance of that careful and efficient manage ment which has raised his tannery to the first rank amongst colonial industries. 10. Tbe importance of an industry of this kind to the City and District of Wellington can hardly be over-estimated. The develop ment of tbe large Meat Export Companies renders it necessary to provide local buyers for their increasing supplies of bides and sheep* skins, and the natural outcome of this is, the consolidation and expansion of existing tan neries. While the proprietors of New Zea- , land tanneries are able to produce leather of a I quality unsurpassed in the world, yet the people of the colony, during the last two years, have paid nearly half a million of money for imported boots and shoes ; the imports for that period having amounted to £364,523, to wh’ch sum must be added costs of shipment, duty, and sellers* profits. 