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The Subscription List Will Open at 10 a.m. on Tuesday, l5th of January, 1901, and WilI Close at or Befotë 4 P. nM. on Thursday, l7th January, 1901.._________ LOWMANVILLE, JA N. 9, 1901. 7V.11IA UTC~ lia UN LNN.NNNN.NUNNT3 UN UNI. ININ NANtI. TNNfl M ~ E' t' SNNNH ttN5~ ~ .. N~NN.~ N ~ 5 5 Ç~5< and $525.000 Preference Stock le takea in part payment of the purchase consideratîon; $700,QQ Prefference Stock te reserved uniesued; and the balance of $715YOOO 7 Per Cent. Cumnulative Preference Stock is Now Offered for Subscription at Par, Payable 10 per cent. per Share on Application;- 15 ver cent. on Allotmnent; 25 per cent. one month after Allotmnent; 25 per cent. tMW0 inontha after Alobtnent ;-25-per cent., three rmenthe fe iltet The Preference Shares are Cumulative, and rank, lioth as regards Capital and Dividends, in priority to the Common Shares, and, in addition tri h'e regratted that Mdr. Goodwi'twa not ected, as he made a good repre. sentaüive at the Board last year. Ail the mon elected L ave beau a, the Cona cil before and tiiere le no reason why the business of the town will not lie perfectly aafe lu theair hands, For Oounty Couc 5M~rs. Trebil- time in thei yeus Lo buy. 20 per cent off Boots and SSloes. We find tuu rnany Men's and Boys' HighTop Boots. We wiIl aIso give 207. off tisese before February 1st, Many odd clearing lunes will have the same reduetions. 20./'N off Robes and ilorse Biankets, A good choice lef.t. Now is tl, .ime4- 'cNe C'rat 5 N N NN . N JI.N ~I N N' ~NN ~ NN~~N NN<, T N N ~ Nt~ NN( NNN N N~ ~ *~ N N NU t NN t .~NNN . N ~~NN .NN N N H $ i N NN t~lN{ ~ ~NN V$N + A N T N N. ~ ~ ~N A.N 45NN~5.Nf N N. F /.pnraly m Jus e naU 1 jp..osinU Ucary onU ls Up'V.ationsln thIn IUprofnra PROFITS., Le manner. The accounts ofth*1e 17 Furniture Manufacturing businesses as enumerated abo-fe have been examvÀned by M'essrs. Jonkips & Hardy, Public Accountants, Toronto, *94 *he folowng is a cop3N of *hefr Certificate: Toronto, November Ist, 1900. W. hereby certlfy that we have examîned the books and accounts of the 17 businesses sob forth ia the foregoing Sehedule, to arrive at the profit for the two years au4 $avenumtzeÈs ending 31et JuIy last. Au the stocks of the businesses had heen taken and the books closed at varying dates, lb is impossible te show from the Accounts the actual separate profits for thi yaears ending 31st December, 1898, 3ist December, 1899, or for the period ending Slst July, 1900. W. find that the *ggrega te profits of the busicesses for the above-mentioned period amoated to $517,996. 13, which, after making certain necessary adjustments and abarging expenses of management, exceptmng managers' salaries, we appertion as follows: For the yea-r ending 31st December, 1898...................................... ............ 144,450.43 For the year ending 31st December, 1899 ............................. ............ 230.708.18 For seven months ending 1sit July, 1900 ............................... ......... 142,837.52 Being at the rate per annum of ............................. :*......................... 244,864.32 In arriving at thes. Profits the cost of maintenance aud repairs of Plant and Machinery bas beau cliargmd as an expense of the business, and provision has been qi Mor depreciation, but Interest on Capital and borrowed money lias flotbeen charged. Yours faithfully, JENKINS & HARDY, It wMf be seen fromi the Acountauts' Statement that the profits off the last three years have been progressive; the amount gLecessary to pay the 7 per cent. dividend on the $1,300,000 Preference Stock, now issued, being $91,000, is (on the basis cf the profIts of the last two years) more than deubly securad, and leaves an ample surplus for providing for the Reserve Pand and paying the 4ivï-é deuil on the Common Stock. It tu anticipated that the above profiýib will be considerably increased as the result off the amalgamnation of the businesses. ADVANTACES 0F AMALCAMATION. .&egthe adyantageo *o be gained by this consolidation of luterests the foliowing May hoe ited. lot. The purchase off lumber and goode in larger quantities and on botter terme.- ffl. .Lvoidanee of unnecessary competition. Or&. Sa.ving in cost of distribution. 4th. '<Specializlng" the manufacture of particular goods, which means that instead off eaoh ta.tory havlng te mnanufaotVor mnany différent kinde cif furniture, certain factories w!U undertake special ines. Gth. Development off expert trade. MANAGEMENT. The Board of Directors include tlic representatives of soma of the principal businesses acquired and it is aise iatended te retain the services ol *»ost of tlie old managers, se that the management of tlie Company and the superinteadence of blie varinus factories will be in the hands of experienced rns.ufacturers, who have been successfally idcntified witb. the furaituro trade for many years. STOCKS. Aftcî. paying for the varions businesses, there will remain a suma of os-ar $500,000 for the purcliase of the stooks-in-tradle te bo taken os-or by the Comspany ab v4lua-. tio0 i .rd for working capital and the general purposes of the Company. Trhe prico te ha paid by the Cornpary for tihe abovc-mcntioned bnsinesses bas bean fixed at $1,859,972, payable as te $263,472 in cash, $525,000 lu fr.1ly paid Prefer,. -kýýl, $1,000,00O in fulîy paid Common Stock, and $71,500 in mortgagcs on the pr:iperty. The Comoiant' wiil aswume these mertgagesanad wll retain 'in thc treasury au zieut amout of Preference Stock for bhe purpose of redoeining the same. flic Company wlll acquire the business of the Furniture Manufactarers' Exporting Company, Limited, by purchasing the wliole of thc, shares of this Company, and th ri- over bbc assets and liabilities, the consideration for wbioh is iincldd untisa above-mentionad purchascprice. flic Company înay at any time before completion reject any of the basine3ges agrecd te ho sald, and if tt"-g biuk fit may substitbe othiEr businesses of a simila2 eh and iii thi-, case tise price te be paid to the Vendors will be increascli or diminished as the case may be. IpNN.tcNwill ie inade je due couise for a qucbtion of tbe shares cf the Company on the Montreal and Toronto Stock Exulianges. -0pieations fer Preference Shares should be forwrarded toe ether R.. Wilson-Smith Meldrum & Co., Mont saoPelit.& eba, T ,tog-et cr with a remittance for the ameount of the deposit. Cheques, drafts, etc., to e imade payable te thýe National Trust Co. 'N tubie w-hole a-inoNnt applied for be flot allotbard, the surplus pail o i deposit wiil be appropriated towards tbc suma due on aliotmr'ent,. Wiere no aliotment le made tsi i, wil liereturied i l . iu rospectuses and Forins off Application can be obtalned at the offices cf the Company and fron, R. Wïlson-S,ýuith, Meldrum & Co,, a att & peliatt- The0 Subseription Liet will ha oren %t 10 & m. on Tuesday, lSth January, 1901, and, will close at or before 4 p. ma, on Tiwtredny, l17tli Jan., O"'î Sine ti5rescc.,., rops.sd a lireococurred ab bue Knochtel Furniture Company@ ç works,, wWihioli droyed the oQy~Wrhu e~ i ti ons from the aubj t ~nâm2d for oach Farmaers and others iln the disiriet are urgectly re(qneeted to attent Ibee nieetigeand take partin the disonaeion. J. M. JUONESS, H. C. HO~A, Premidelnt. Secretary. NEWCASTLE. Visitors: Mr. 'and Mrs. Little, Killarr- ey, Man., at lier father's, Capt. Gibson; Mr. Will Law, teacher, Grey county, at home: Mr. Lon Barrett visiting relatives in Pickering: Mr. Arthur Beman. Indian Head. N. W.T., visiting lis father ; LMiss Fannie Ellenor, Ottawa Normal Sohool, at Mr.S.Henry's; Mrs.W.Gibson, Clarke, guest of lier cousin Miss Lena Clarke; àliss Maude Clemence at Newtonville... Mr. Russell Pickard lias accepted a posi- tion in Scobeil & Co's drug Store.. . Rev. J. G. Lewis, Newtonville, preaclied in the Metliodit cliurcli Sunday evening w eek Rev, T. W. Edmison pieaclied anniver- sary sermons at Newtonville ... .. Messrs. Albert and Russell Pickard enitertained amerr party of young people at their hoeFrdy evening, Dec. 27 ...rs, Edmison entertained lier Sunday scliool lass of young men and Mrs. . Uglow's lass of young ladies at teprsonage on Friday Dec 28.... Miss Mabelle Rickard will teacli Mount Pleasant school, Hope, or i90.i....The Cliristmas Tree enter- ,ammuent given by thie pupils of the Meth- 9cllt Sunday school on Christmas eve as a succss in everyra ay Recitations, songs and dialogues were given by thle children, and nAIl taking part did well Si-ecial! mention must lie made, however, f the flag drill of 12 young ladies in vxhite with red and bine sashes draped irm tlie left shoulders, arnd eacli carrying w~o small -Unionjacks, they made a very retty siglit, and in thse singing of "' We'Il ,ight for thse Grand Old Fiag" awakened ireat enthusiasm. By special request lie dri i wilbe repeated at an early date. 4lr. T. B. Lovel:in as Santa Clans de- ghted the chldren. A pleasing event t the evening was the presentation of a acdscme mantel clock to Mr.F.l-ledges, ibrarian of the scliool for a number of cars, w ho on account of age lias resign- d. A goldlieaded cane was presented iNr j jUglow in recognition of lis aithful services as Superintendent cf tise N hool for 12 years, oTIurne~h~NWork of twoCall and exa.mine.Vhem ATD stn& 4o is Hardware Merchants. BOWMANVILLE. mue wrong s.Loes. .L.ooX 13Ze mine but theè,rdoný 1èel like 'em.," Upon investigation finds they are his. S Dîd you ever have any trouble in the inornlng convincing your feet that your shoes had'nt been changed during the niglit? That's because they came off t.he lasts too som Swhen making. " "Siater Shoes"I are al Goodyear welted,take siX% daysto make and reinain on the lasts tili finished, have no shrinke and retain their shape fil-worn out. Slate frame on everysoie, that's the trade markL Sand tells you the price $5.00 or $p3.50. JOH.N HE LLYAR, Sole Local Agent.,N oehe whole off the Common Stock BOWMANVILLE ~I~N INO~ N ci.LN. Pt i IX Lc INS. 1$ .. , N N~ I. Ns. tN -N ktrcN n t me i