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The collections, £16,425, represent 16,442 books, of 990 stamps each. We have redeemed 15,622, or 15,621,000 stamps, leaving in the hands of the public 820,000 stamps, equal to 826 books, that have yet to be redeemed. The 15,622 books were redeemed by goods of the total value of £10,000, being practically at the average wholesale import price of 13s. for each book. The money received by us for each book was 19s. 10d. gross, which, after deducting proportion of expenses, represents a net profit of 10d. on each book redeemed; but there will be stamps to the amount of 3 per cent, of 16,425,000 lost or destroyed, amounting to 46,800, leaving 352,000 yet to be provided for. The highest price of any article cost £1 12s. 6d., of which we gave 1,115; the lowest, 11s. 6d., of which we gave 1,941. An ex-employe at Wellington purchased, without my knowledge or authority, twenty-seven pieces of goods at 4s. lid. each. He distributed eighteen of them before I discovered it; then no more were given out, and, after discovering some other irregularities, he was discharged. The capital representing the vested interests amounts to £7,820. We have nine branches and about ten agencies. We give employment to about seventy hands, besides those employed in the company's premises.

Deab Sib, — The Trading-stamp Company, Auckland, Bth August, 1900. The Herald of this morning states that you presented to the House yesterday a portion of a letter from an ex-employe of this company, wherein it is asserted that the receipts at our Wellington office were £2,987, and the disbursements for goods and expenses were only £987. I wish to say that all goods are shipped from Auckland, or, if sent direct from the factories, were produced either in the colonies or abroad, are charged to the head office, Auckland, and that the figures you appear to have presented to the House are wrong, and taken at random. No employe, either ex or otherwise, can at any time have any or the faintest idea as to the expenditure of any branch ; the collections passing through his hands (if he is a local manager) may be calculated. The figures given you are wrong, and I protest against such methods being taken to prejudice the mind of the public and members against our case. Press your Bill by all means, if you care to do so, but do not destroy my belief in your promises and of the boasted " British fair-play" that I have heard so much about, but as yet have failed to find. In all honesty and equity present my statement mailed to you on the 4th instant, if you have presented the other. We do not ask any favours ; treat us fairly, and not as if we were criminals or outcasts. The man whose figures you have made use of was discharged for irregularities of the worst kind. You are too great a man to descend to such a petty proceeding; you must have been imposed upon by some one with an axe to grind. I have declined numerous invitations to agitate in favour of our side of the case. We do not want to continue our business in New Zealand, and shall be glad to get out of it; then you may build your Chinese wall as high as you like, and sit down until you find out that you will have to build mighty high to keep your own population in. I trust, however, that the Herald is " drawing on its imagination for its facts," and that you are wrongly reported. I am, &c, The Eight Hon. E. J. Seddon. E. J. Pabkbb. Approximate Cost of Paper.— Preparation, not given ; printing (1,200 copies), £1 18s.

By Authority : John Maokay, Government Printer, Wellington.—l9oo. Price 3d.]