The whole of the Faotories, especially the Furniture Factory, being worked in oou- neotion with the general timber business, is carried on most profitably, not only from the fact of the first oost of tha timber being pro- cured at the cheapest possible rate, but also that large quantities of short cuttings of tim- ber, whioh would otherwise either be sold as job lots at a low prioe, or sent to tho furnace to be consumed as fuel, are utilised. The Union Sash and Door Company in Auokland is of a similar charaotor tolhe Now Zealand Weodware Faotories, only being much less extensive. It is, hpw* ver, a fair criterion to'totase* catciiiaMons upW, as to what may be expected -from the -New Zealand Woodware Factories. The Company referrsd jto ha-, only, been in aotive operation for *£ little over four yaaas, and has "paid anTuial atVio&nWFot 2o Iper cent., besides carrying large amounts fcd- reserve fund ;J; J( *o that, in addition, to the v*ry hafc'aaome yearly^ 'dividends, the original £5 aharea of th* Compariy are how- quotfod at £7 10s, .ane^a new issup allotted to.jliar.eholdavs, on whioh £2 10s has been paid up solely out of ressrve fund, are' quoted at £3 10s, making the present 'otal market value of the original shares £11, or a premium of 120 per cent. In connection with this, it is a' fuot that the profits ahown to have been made in Messrs Guthrie and Larnaoh'a businoss for the same period considerably exoeed that made by the Union Company in proportion to the capital invested • so that the promoters have good reasons for bolieving that not only will large dividends be paid regularly by the Company, but that its stock will at onco become a muoh- sought-after and favorable investment. ' Mr Guthrie has consented to be fully iderr- tided with the business for a number of years as Managing Direotor. Mr Outline's prao* tioal skill and long experience in the trade are w«]l known 1 the high .jsojition to whioh the firm has attained under his management indicates the- measure of prosperity which. may reasonably be expeoted in the future ; and as a proof of Mr Guthrie and his partner's faith in the future prospeots of the concern, they are willjng to hold ono fifth en oh, or equal to two-fifths of the entire capital on. 