The whole of tho Faotorios, especially tho Furniture Factory, bning worked in con- neotion with the general timber business, is oarried on most profitably, not only from the fact of the firtt oost of the timber being pro- cured at the cheapest possible rate, but also that largo quantities of short cuttings of tim- ber, whioh would otherwise either bo sold as job lots at a low prioo, or sent to tho furnace to be consumed as fuel, are utilised.^ The Union Sash and Door Company in Auckland i< of a similar charaoter to the New Zealand Wood ware Factories, only being muoh Ipss oxtonsivo. It is, however, a fair onterion to bnse calculntiont upon, ns to what may be expected from the New Zealand Weodwnro Factories. The Company referred to has only been in active operation for a littlo over four years, and has paid annual dividends of 20 per cent., boiidet oarrying large amounts to reserve fund | so that, in addition to the very handsome yearly dividends, the original £5 shares of the < 'otnpany an» now quoted at £7 10s, nnd a now issue nllotiod to tharoholdsrs. on which £2 10s has been paid up solely out of reserve (und, are quoted at £3 10*, mining the pretent *otul market value, of the original



shares Xll, or a premium of 120 per oent. In connection with this, it is afaot that the profits shown to have been mndo in Messrs Guthrio aud Lnrnaoh's butincss for the snme period considerably oxoeed that made bj tho Union Company n propoition to Ihe capital investod \ so that iho promoters have good reasons for believing that not only will large dividends be paid regulnrlr by tho Compnny, but that its stock will nt once become a muoh-



sought-nfter and favorablo investment. Mr Guthrie his consento 1 to be fully idon- tifierl with the butinetA for a numbnr of years as Managing Director. 