UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q
(Mark One)
              (X) QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                For the quarterly period ended November 30, 2000

                                       OR

              ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________________to______________________

Commission file number: 0-19954

                      JEWETT-CAMERON TRADING COMPANY, LTD.
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)

       BRITISH COLUMBIA                                    NONE
-------------------------------             ------------------------------------
(State or other jurisdiction of             (IRS Employer Identification Number)
 incorporation or organization)

                32275 N.W. Hillcrest, North Plains, Oregon 97133
                ------------------------------------------------
                    (Address of Principal Executive Offices)

       Registrant's telephone number, including area code: (503) 647-0110

         Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 since May 16, 1992 and (2) has been subject to the above filing
requirements for the past 90 days.

Yes  X   No ___
    ---

                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                  PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

         Indicate by check mark whether the registrant has filed all documents
and reports required to be filed by Sections 12, 13, or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court.

Yes ___ No ___

                      APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of November 30, 2000. Common Stock, no par value 1,074,162
Shares.

<PAGE>

                         PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements.

                  Attached hereto and incorporated herein by reference.

Item 2.  Management's Discussion and Analysis of Financial Condition and
                  Results of Operations.

The following information contains certain forward-looking statements that
anticipate future trends or events. These statements are based on certain
assumptions that may prove to be erroneous and are subject to certain risks
including but not limited to the risks of increased competition in the Company's
industry and other risks detailed in the Company's Securities and Exchange
Commission filings. Accordingly, actual results may differ, possibly materially,
from the predictions contained herein.

Gross sales decreased $429,916 during the first quarter of Fiscal 2000 as
compared to the first quarter of Fiscal 1999. In spite of the decrease in gross
sales, during the first quarter of Fiscal 2000, the Company experienced an
increase in net income of $7,790.

Results of Operations.

The Company's operations are classified into three principle industry segments:
(sales of) building materials and (sales of) industrial tools and (sales of)
processed agricultural seeds.

Sales of building materials consists of wholesale sales of lumber and building
materials in the United States and retail sales of building materials in Tonga.
Sales of industrial tools consists of distribution of pneumatic air tools and
industrial clamps in the United States. Sales of seeds consists of distribution
of processed agricultural seeds in the United States.

For the first quarter of the current fiscal year, ending November 30, 2000,
sales decreased 10.4% to $3,719,800 compared to $4,149,716 for the same quarter
of the previous year.

Sales for Jewett-Cameron Lumber were $3,283,140 million for the quarter, down
14.3% compared to sales of $3,829,398 million for the first quarter of last
year.

Sales for MSI-PRO (pneumatic tools and industrial clamps) were $251,303 for the
first quarter compared to $273,414 for the first quarter of last year, down 8%.

Sales for Jewett-Cameron South Pacific in the Kingdom of Tonga were nil for
first quarter compared to $46,904 for the first quarter of last year. The
Company is currently winding down its operations in the Kingdom of Tonga.

Sales for Jewett Cameron Seed Company were $185,357 for the first quarter. The
first quarter of Fiscal 2001, ended November 30, 2000, was the first quarter of
operations for Jewett Cameron Seed Company.

<PAGE>
General and administrative expenses for the Company were $673,423 for the first
quarter up from $540,200 for the first quarter of last year. The primary reasons
for the increase of $133,233 are increases of $6,680 in bad debt expense; $8,579
in depreciation and amortization; $6,437 in insurance; $83,190 in wages and
employee benefits; and, $30,783 in warehouse expenses and supplies. Decreases
did occur, however, in the categories of consulting ($2,797); professional fees
($26,870); repairs and maintenance ($5,469; and travel, entertainment and
advertisement ($3,094).

Net income for the quarter was $83,963 which represents a 10.2% increase over
the first quarter of last year when net income was $76,173. The increase in net
income was due to a decrease in cost of sales of ($533,514); a decrease in
interest expense of ($9,756); and, a decrease in income taxes of ($20,000).

Earnings per share was $0.08 for the first quarter of Fiscal 2000 compared to
$0.07 for the first quarter of fiscal 1999.

Liquidity and Capital Resources

As of November 30, 2000 the Company had working capital of $3,060,590 which
represented an decrease of $1,104,914 as compared to the working capital
position of $4,165,504 as of November 30, 1999. The decrease in working capital
was due primarily to an increase in current liabilities of $1,103,777. Current
liabilities at November 30, 2000 consisted of $909,298 in bank indebtedness and
$673,096 in accounts payable and accrued liabilities.

Accounts Receivable and Inventory represented 92.7% of current assets and both
continue to turn over at acceptable rates.

External sources of liquidity include a bank line from the United States
National Bank of Oregon. The total line of credit available is $6.5 million of
which there was an outstanding balance of $909,298 on November 30, 2000 and no
outstanding balance as of November 30, 1999. As of the end of Fiscal 2000
(August 31st) the Company had no outstanding balance.

Based on the Company's current working capital position, its policy of retaining
earnings, and the line of credit available, the Company has adequate working
capital to meet its needs during the current fiscal year.

Impact of the Year 2000 Issue:

The Company has completed as assessment of the impact of the Year 2000 issue on
its internal systems and equipment, on its products and on the systems of its
significant vendors. Based on this assessment, the company believes that its
internal systems have been updated to address the Year 2000 issue, its products
will properly recognize calendar dates beginning in the Year 2000, and its
significant vendors are appropriately addressing the Year 2000 issue.
Accordingly, the Company believes it is Year 2000 ready and does not expect that
the Year 2000 will have a material impact on the Company's business, results of
operations or financial condition. However, there can be no assurance that the
systems of other companies on which the Company relies will not have an adverse
effect on the Company's systems.

<PAGE>

Item 3 - Quantitative and Qualitative Disclosures about Market Risks:

The Company does not have any derivative financial instruments as of November
30, 2000. However, the Company is exposed to interest rate risk.

The Company's interest income and expense are most sensitive to changes in the
general level of U.S. interest rates. In this regard, changes in U.S. interest
rates affect the interest earned on the Company's cash equivalents as well as
interest paid on debt.

The Company has a line of credit whose interest rate is based on various
published rates that may fluctuate over time based on economic changes in the
environment. The Company is subject to interest rate risk and could be subject
to increased interest payments if market interest rates fluctuate. The Company
does not expect any change in the interest rates to have a material adverse
effect on the Company's results from operations.

Foreign Currency Risk

The Company operates a subsidiary in the Kingdom of Tonga. The Company's
business and financial condition is, therefore, sensitive to currency exchange
rates or any other restrictions imposed on its currency. Since the Company is
currently winding down its operations in the Kingdom of Tonga, management does
not expect the foreign currency exchange rates to significantly impact the
Company in the future.

                           Part II - OTHER INFORMATION

      Item 1.     Legal Proceedings - None
      Item 2.     Changes in Securities - None
      Item 3.     Default Upon Senior Securities - None
      Item 4.     Submission of Matters to a Vote of Securities Holders - None
      Item 5.     Other Information - None
      Item 6.(a)  Exhibit 27 - Financial Data Schedule
      Item 6.(b)  Reports on Form 8-K - None


                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                                        Jewett-Cameron Trading Company Ltd.
                                                    (Registrant)


Dated: January 15, 2001                 /s/ Donald M. Boone
       ----------------                 -------------------
                                        Donald M. Boone, President/CEO/Director
<PAGE>
                       JEWETT-CAMERON TRADING COMPANY LTD.


                        CONSOLIDATED FINANCIAL STATEMENTS
                           (Expressed in U.S. Dollars)
                      (Unaudited - Prepared by Management)


                                NOVEMBER 30, 2000


<PAGE>
<TABLE>
<CAPTION>
JEWETT-CAMERON TRADING COMPANY LTD.
CONSOLIDATED BALANCE SHEETS
(Expressed in U.S. dollars)
(Unaudited - Prepared by Management)

===============================================================================================================

                                                                        November 30,  November 30,     August 31,
                                                                                2000          1999           2000
------------------------------------------------------------------------------------  ------------  -------------

<S>                                                                    <C>            <C>           <C>
ASSETS

Current
    Cash and cash equivalents                                          $   238,561    $   619,210   $   208,277
    Accounts receivable                                                    997,571      1,103,961     2,541,387
    Inventory                                                            3,306,863      2,890,779     2,622,575
    Prepaid expenses                                                        99,989         30,171        24,247
                                                                       -----------    -----------   -----------

    Total current assets                                                 4,642,984      4,644,121     5,396,486

Capital assets (Note 3)                                                  2,890,512      1,493,318     1,343,929
Deferred income taxes (Note 4)                                             122,200        217,200       122,200
Deposits                                                                    74,745         74,345        74,745
                                                                       -----------    -----------   -----------

Total assets                                                           $ 7,730,441    $ 6,428,984   $ 6,937,360
                                                                       ===========    ===========   ===========

LIABILITIES AND STOCKHOLDERS' EQUITY

Current
    Bank indebtedness (Note 5)                                         $   909,298    $        -    $        -
    Accounts payable and accrued liabilities                               673,096        478,617       787,128
                                                                       -----------    -----------   -----------

    Total current liabilities                                            1,582,394        478,617       787,128
                                                                       -----------    -----------   -----------

Stockholders' equity
    Capital stock
       Authorized
            20,000,000  common shares without par value
            10,000,000  preferred shares without par value
       Issued
             1,074,162  common shares (November 30, 1999 - 1,075,162;
                        August 31, 2000 - 1,074,162)                     1,795,157      1,795,157     1,795,157
    Additional paid-in capital                                             582,247        582,247       582,247
    Retained earnings                                                    4,189,433      3,572,963     4,105,470
                                                                       -----------    -----------   -----------

                                                                         6,566,837      5,950,367     6,482,874
    Less: Treasury stock -  86,500 common shares (November 30,
                            1999 - Nil; August 31, 2000 - 65,500)         (418,790)            -       (332,642)
                                                                       -----------    -----------   -----------

                                                                         6,148,047      5,950,367     6,150,232
                                                                       -----------    -----------   -----------

Total liabilities and stockholders' equity                             $ 7,730,441    $ 6,428,984   $ 6,937,360
                                                                       ===========    ===========   ===========

Contingent liabilities and commitments (Note 9)

Subsequent event (Note 13)

The accompanying notes are an integral part of these consolidated financial statements.
</TABLE>


<PAGE>

JEWETT-CAMERON TRADING COMPANY LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Expressed in U.S. dollars)
(Unaudited - Prepared by Management)

================================================= =============== ============

                                                  Three Month    Three Month
                                                  Period Ended   Period Ended
                                                  November 30,   November 30,
                                                      2000           1999
------------------------------------------------- ------------   -------------


SALES                                             $ 3,719,800    $ 4,149,716


COST OF SALES                                       2,964,886      3,497,740
                                                  -----------    -----------


GROSS PROFIT                                          754,914        651,976


GENERAL AND ADMINISTRATIVE EXPENSES - Schedule        637,423        540,200


Foreign exchange loss                                   3,376            685
                                                  -----------    -----------


Income from operations                                114,115        111,091
                                                  -----------    -----------


OTHER ITEMS
     Interest and other income                          4,697         10,175
     Interest expense                                  (9,849)           (93)
                                                  -----------    -----------

                                                       (5,152)        10,082
                                                  -----------    -----------


Income before income taxes                            108,963        121,173


Income taxes                                           25,000         45,000
                                                  -----------    -----------


Net income for the period                         $    83,963    $    76,173
                                                  ============   =============

Basic earnings per share                          $      0.08    $      0.07

Diluted earnings per share                        $      0.08    $      0.06
                                                  ============   =============






The accompanying notes are an integral part of these consolidated financial
statements.


<PAGE>

JEWETT-CAMERON TRADING COMPANY LTD.
CONSOLIDATED SCHEDULES OF GENERAL AND ADMINISTRATIVE EXPENSES
(Expressed in U.S. dollars)
(Unaudited - Prepared by Management)

=========================================== =============== ================

                                               Three Month     Three Month
                                              Period Ended    Period Ended
                                              November 30,    November 30,
                                                       2000             1999
------------------------------------------- --------------- ----------------


Bad debt expense                            $        6,680  $           -

Consulting                                             653           3,450

Depreciation and amortization                       38,953          30,374

Insurance                                           18,910          12,473

Office and miscellaneous                            49,760          49,005

Professional fees                                   11,269          38,139

Repairs and maintenance                              9,198          14,667

Telephone and utilities                             20,651          21,622

Travel, entertainment and advertising               34,661          37,755

Wages and employee benefits                        397,367         314,177

Warehouse expenses and supplies                     49,321          18,538
                                            --------------  --------------

                                            $      637,423  $      540,200
                                            =============== ================




















The accompanying notes are an integral part of these consolidated financial
statements.


<PAGE>
<TABLE>
<CAPTION>
JEWETT-CAMERON TRADING COMPANY LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in U.S. dollars)
(Unaudited - Prepared by Management)

=============================================================== =============== ================

                                                                   Three Month     Three Month
                                                                  Period Ended    Period Ended
                                                                  November 30,    November 30,
                                                                           2000             1999
--------------------------------------------------------------- --------------- ----------------

<S>                                                             <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES
    Net income                                                  $       83,963  $       76,173
    Items not involving an outlay of cash:
       Depreciation and amortization                                    38,953          30,374
       Foreign exchange loss                                             3,376             685

    Changes in non-cash working capital items::
       Decrease in accounts receivable                               1,540,440       1,387,666
       Increase in inventory                                          (684,288)       (223,944)
       Increase in prepaid expenses                                    (75,742)         (1,628)
       Increase (decrease) in bank indebtedness                        909,298         (87,883)
       Decrease in accounts payable and accrued liabilities           (114,032)       (663,672)
                                                                --------------  --------------

    Net cash provided by operating activities                        1,701,968         517,771
                                                                --------------  --------------


CASH FLOWS FROM FINANCING ACTIVITIES
    Treasury shares acquired                                           (86,148)       (109,885)
                                                                --------------  --------------

    Net cash used in financing activities                              (86,148)       (109,885)
                                                                --------------  --------------


CASH FLOWS FROM INVESTING ACTIVITIES
    Purchase of capital assets                                      (1,585,536)        (12,625)
                                                                --------------  --------------

    Net cash used in investing activities                           (1,585,536)        (12,625)
                                                                --------------  --------------


Increase in cash and cash equivalents                                   30,284         395,261


Cash and cash equivalents, beginning of period                         208,277         223,949
                                                                --------------  --------------


Cash and cash equivalents, end of period                        $      238,561  $      619,210
                                                                =============== ================
</TABLE>

Supplemental disclosures with respect to cash flows (Note 10)





The accompanying notes are an integral part of these consolidated financial
statements.


<PAGE>
<TABLE>
<CAPTION>
JEWETT-CAMERON TRADING COMPANY LTD.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Expressed in U.S. Dollars)
(Unaudited - Prepared by Management)

=================================== ========================= ========================== =========== ============ ============


                          Common Stock Treasury Shares
                                                                                          Additional
                                        Number                    Number                   Paid-In     Retained
                                      of Shares       Amount    of Shares        Amount    Capital     Earnings        Total
----------------------------------- ------------ ------------ ------------ ------------- ----------- ------------ ------------


<S>                                   <C>        <C>               <C>     <C>           <C>         <C>          <C>
Balance, August 31, 1999              1,157,162  $ 1,932,097       61,900  $   319,399   $  582,247  $ 3,789,134  $ 5,984,079

Net income for the year                      -            -            -            -            -       608,679      608,679
Shares cancelled                        (83,000)    (136,940)          -            -            -            -      (136,940)
Treasury shares acquired                     -            -        86,600      442,526           -            -      (442,526)
Treasury shares cancelled                    -            -       (83,000)    (429,283)          -            -       429,283
Premium relating to cancellation
    of share capital                         -            -            -            -            -      (292,343)    (292,343)
                                    -----------  -----------  -----------  -----------   ----------  -----------  -----------

Balance, August 31, 2000              1,074,162  $ 1,795,157       65,500  $   332,642   $  582,247  $ 4,105,470  $ 6,150,232
                                    ============ ============ ============ ============= =========== ============ ============

Balance, August 31, 1999              1,157,162  $ 1,932,097       61,900  $   319,399   $  582,247  $ 3,789,134  $ 5,984,079

Net income for the period                    -            -            -            -            -        76,173       76,173
Shares cancelled                        (82,000)    (136,940)          -            -            -            -      (136,940)
Treasury shares acquired                     -            -        20,100      109,885           -            -      (109,885)
Treasury shares cancelled                    -            -       (82,000)    (429,284)          -            -       429,284
Premium relating to cancellation
    of share capital                         -            -            -            -            -      (292,344)    (292,344)
                                    -----------  -----------  -----------  -----------   ----------  -----------  ------------

Balance, November 30, 1999            1,075,162  $ 1,795,157           -   $        -    $  582,247  $ 3,572,963  $ 5,950,367
                                    ============ ============ ============ ============= =========== ============ ============

Balance August 31, 2000               1,075,162  $ 1,795,157       65,500  $   332,642   $  582,247  $ 4,105,470  $ 6,150,232

Net income for the period                    -            -            -            -            -        83,963       83,963
Treasury shares acquired                     -            -        21,000       86,148           -            -       (86,148)
                                    -----------  -----------  -----------  -----------   ----------  -----------  -----------

Balance, November 30, 2000            1,075,162  $ 1,795,157       86,500  $   418,790   $  582,247  $ 4,189,433  $ 6,148,047
=================================== ============ ============ ============ ============= =========== ============ ============

</TABLE>
















The accompanying notes are an integral part of these consolidated financial
statements.



<PAGE>

JEWETT-CAMERON TRADING COMPANY LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in U.S. dollars)
(Unaudited - Prepared by Management)
NOVEMBER 30, 2000



1.      BUSINESS COMBINATION AND ACQUISITION

        The Company was incorporated under the Company Act of British Columbia
        on July 8, 1987.

        During the three month period ended November 30, 2000, the Company
        acquired all of the assets, including land, buildings and equipment of
        Agrobiotech Inc. (Hillsborough) for total proceeds of $1,530,762.

        The cost of the acquisition was allocated as follows:

           Land                                      $     456,713
           Buildings                                       782,781
           Warehouse equipment                             285,768
           Office equipment                                  5,500
                                                     -------------

                                   $ 1,530,762

        The Company and its subsidiaries operate as a distributor of lumber and
        other building products, as a distributor of industrial tools, and as a
        retailer of building materials.

        Following the acquisition, the Company incorporated Jewett-Cameron Seed
        Co. under the laws of Oregon, U.S.A. on October 31, 2000. This
        subsidiary operates as a processor and distributor of agricultural seed
        products.


2.      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

        Generally accepted accounting principles

        In the opinion of management, the accompanying consolidated financial
        statements contain all adjustments necessary (consisting only of normal
        recurring accruals) to present fairly the financial information
        contained therein. These statements do not include all disclosures
        required by generally accepted accounting principles and should be read
        in conjunction with the audited financial statements of the Company for
        the year ended August 31, 2000. The results of operations for the period
        ended November 30, 2000 are not necessarily indicative of the results to
        be expected for the year ending August 31, 2001.

        Principles of consolidation

        These consolidated financial statements include the accounts of the
        Company and its wholly-owned subsidiaries, The Jewett-Cameron Lumber
        Corporation, MSI-Pro Co., and Jewett-Cameron Seed Co., all of which are
        incorporated under the laws of Oregon, U.S.A. and Jewett-Cameron South
        Pacific Ltd., which is incorporated under the laws of Tonga.

        Significant inter-company balances and transactions have been eliminated
        upon consolidation.

        Estimates

        The preparation of financial statements in conformity with generally
        accepted accounting principles requires management to make estimates and
        assumptions that affect the reported amounts of assets and liabilities
        and disclosure of contingent assets and liabilities at the date of the
        financial statements and the reported amounts of revenues and expenses
        during the reporting period. Actual results could differ from those
        estimates.



<PAGE>

JEWETT-CAMERON TRADING COMPANY LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in U.S. dollars)
(Unaudited - Prepared by Management)
NOVEMBER 30, 2000



2.      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd.....)


        Revenue recognition

        The Company recognizes revenue from the sales of building supply
        products and tools, when the products are shipped and the ultimate
        collection is reasonably assured.


        Currency

        These financial statements are expressed in U.S. dollars as the
        Company's operations are based predominantly in the United States.


        Cash and cash equivalents

        Cash and cash equivalents include highly liquid investments with
        original maturities of three months or less.


        Inventory

        Inventory is recorded at the lower of cost and net realizable value
        based on the average cost method.


        Capital assets and depreciation

        Capital assets are recorded at cost and the Company provides for
        depreciation over the estimated life of each asset on a straight-line
        basis over the following periods:

          Office equipment                         5-7 years
          Warehouse equipment                      2-10 years
          Automotive equipment                     4 years
          Buildings                                5- 30 years


        Foreign exchange

        Financial statements of the Company's foreign subsidiaries are
        translated whereby all monetary assets and liabilities are translated at
        the rate of exchange at the balance sheet date. Non-monetary assets and
        liabilities are translated at exchange rates prevailing at the
        transaction date. Income and expenses are translated at rates which
        approximate those in effect on transaction dates. Gains and losses
        arising from restatement of foreign currency monetary assets and
        liabilities at each period end are included in earnings.


        Earnings per share

        In February 1997, the Financial Accounting Standards Board issued
        Statement of Financial Accounting Standards No. 128, "Earnings Per
        Share" ("SFAS 128"). Under SFAS 128, basic and diluted earnings per
        share are to be presented. Basic earnings per share is computed by
        dividing income available to common shareholders by the weighted average
        number of common shares outstanding in the period. Diluted earnings per
        share takes into consideration common shares outstanding (computed under
        basic earnings per share) and potentially dilutive common shares.


<PAGE>

JEWETT-CAMERON TRADING COMPANY LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in U.S. dollars)
(Unaudited - Prepared by Management)
NOVEMBER 30, 2000


2.      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd.....)


        Earnings per share (cont'd.....)

        The earnings per share data for the periods ended November 30, 2000 and
        1999 is summarized as follows:
<TABLE>
<CAPTION>
        ========================================================================  ======================== ===============

                                                                                   Three Month   Three Month
                                                                                  Period Ended  Period Ended
                                                                                  November 30,  November 30,
                                                                                          2000          1999
        ------------------------------------------------------------------------  ------------  ------------
<S>                                                                               <C>           <C>

        Net income for United States reporting purposes                           $    83,963   $    76,173
                                                                                  ===========   ===========

        Basic earnings per share weighted average number of shares
            outstanding                                                             1,003,149     1,147,618
        Effect of dilutive securities
            Stock options                                                              29,680        35,533
                                                                                  -----------   -----------

        Diluted   earnings  per  share   weighted   average  number  of  shares
            outstanding                                                             1,032,829     1,183,151
        ========================================================================  ============  ============
</TABLE>


        Employee stock option plan

        The Company accounts for its employee stock option plan using the
        intrinsic value method.


        Post retirement benefits

        Post retirement benefits are accounted for on an accrual basis. Any
        difference between net periodic post retirement benefit cost charged
        against income and the amount actually funded is recorded as an accrued
        or prepaid cost. This policy is consistent with Financial Accounting
        Standards No. 106, "Employers Accounting for Post Retirement Benefits
        Other than Pensions".


        Accounting for derivative instruments and hedging activities

        In September 1998, the Financial Accounting Standards Board issued
        Statement of Financial Accounting Standards No. 133 "Accounting for
        Derivative Instruments and Hedging Activities" ("SFAS 133") which
        establishes accounting and reporting standards for derivative
        instruments and for hedging activities. SFAS 133 is effective for all
        fiscal quarters of fiscal years beginning after June 15, 1999. In June
        1999, the FASB issued SFAS 137 to defer the effective date of SFAS 133
        to fiscal quarters of fiscal years beginning after June 15, 2000. The
        adoption by the Company of SFAS 137 during the current period did not
        have any impact on its financial statements.

        Comparative figures

        Certain comparative figures have been reclassified to conform with the
        presentation adopted for the current period.



<PAGE>

JEWETT-CAMERON TRADING COMPANY LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in U.S. dollars)
(Unaudited - Prepared by Management)
NOVEMBER 30, 2000


2.      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd.....)


        Financial instruments

        The Company's financial instruments consist of cash and cash
        equivalents, accounts receivable, deposits, accounts payable and accrued
        liabilities. Unless otherwise noted, it is management's opinion that the
        Company is not exposed to significant interest, currency or credit risks
        arising from these financial instruments other than those disclosed in
        Note 12, Concentrations of Credit Risk. The fair value of these
        financial instruments approximate their carrying values, unless
        otherwise noted.



3.      CAPITAL ASSETS


        ============================== ===========   ===========   ===========

                                       November 30,  November 30,   August 31,
                                           2000          1999          2000
        ------------------------------ -----------   -----------   -----------

        Office equipment               $   190,922   $   214,193   $   185,422
        Warehouse equipment                549,104       219,476       221,568
        Automotive equipment                    -         46,159            -
        Building                         2,308,720     1,413,700     1,288,340
        Land                               607,713       370,412       375,593
                                       -----------   -----------   -----------

                                         3,656,459     2,263,940     2,070,923
        Accumulated depreciation          (765,947)     (770,622)     (726,994)
                                       -----------   -----------   -----------

        Net book value                 $ 2,890,512   $ 1,493,318   $ 1,343,929
        ============================== ===========   ===========   ===========


        In the event that facts and circumstances indicate that the carrying
        amount of an asset may not be recoverable and an estimate of future
        undiscounted cash flows is less than the carrying amount of the asset,
        an impairment loss will be recognized. Management's estimates of
        revenues, operating expenses, and operating capital are subject to
        certain risks and uncertainties which may affect the recoverability of
        the Company's investments. Although management has made its best
        estimate of these factors based on current conditions, it is possible
        that changes could occur which could adversely affect management's
        estimate of the net cash flow expected to be generated from its
        operations.


4.      DEFERRED INCOME TAXES


        Deferred income taxes of $122,200 (November 30, 1999 - $217,200; August
        31, 2000 - $122,200) relate principally to timing differences between
        the accounting and tax treatment of income, expenses, reserves and
        depreciation.



<PAGE>

JEWETT-CAMERON TRADING COMPANY LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in U.S. dollars)
(Unaudited - Prepared by Management)
NOVEMBER 30, 2000



5.      BANK INDEBTEDNESS

        ===================== ================ =============== ================

                                November 30,     November 30,      August 31,
                                        2000             1999            2000
        --------------------- ---------------- --------------- ----------------

        Demand loan           $      909,298   $           -   $           -
        ===================== ================ =============== ================

        The bank indebtedness is secured by an assignment of accounts receivable
        and inventory. Interest is calculated at either prime or the libor rate
        plus 225 basis point.


6.      STOCK OPTIONS

        Stock options to purchase securities from the Company can be granted to
        directors and employees of the Company on terms and conditions
        acceptable to the regulatory authorities of Canada, notably the Toronto
        Stock Exchange ("TSE"), the Ontario Securities Commission and the
        British Columbia Securities Commission.

        Under the stock option program, stock options for up to 10% of the
        number of issued and outstanding common shares may be granted from time
        to time, provided that stock options in favour of any one individual may
        not exceed 5% of the issued and outstanding common shares. No stock
        option granted under the stock option program is transferable by the
        optionee other than by will or the laws of descent and distribution, and
        each stock option is exercisable during the lifetime of the optionee
        only by such optionee.

        The exercise price of all stock options, granted under the stock option
        program, must be at least equal to the fair market value (subject to
        regulated discounts) of such common shares on the date of grant.


        At November 30, 2000, employee incentive stock options were outstanding
        enabling the holders to acquire the following number of shares:

        ============  ==============  ==================

             Number        Exercise
          of Shares           Price   Expiry Date
        ------------  --------------  ------------------

             12,000       Cdn$ 8.25   December 31, 2000
             70,000       Cdn$ 4.25   August 6, 2006
        ============  ==============  ==================


7.     EMPLOYEE STOCK OWNERSHIP PLAN

       The Company sponsored an employee stock ownership plan ("ESOP") that
       covers all U.S. employees who are employed by the Company on August 31 of
       each year and who have at least one thousand hours with the Company in
       the twelve months preceding that date. The ESOP grants to participants in
       the plan certain ownership rights in, but not possession of, the common
       stock of the Company held by the Trustee of the Plan. Shares of common
       stock are allocated annually to participants in the ESOP pursuant to a
       prescribed formula.


<PAGE>

JEWETT-CAMERON TRADING COMPANY LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in U.S. dollars)
(Unaudited - Prepared by Management)
NOVEMBER 30, 2000



8.     STOCK BASED COMPENSATION EXPENSE

       Statement of Financial Accounting Standards No. 123, "Accounting for
       Stock-Based Compensation", encourages but does not require companies to
       record compensation cost for stock-based employee compensation plans at
       fair value. The Company has chosen to account for stock-based
       compensation using Accounting Principles Board Opinion No. 25,
       "Accounting for Stock Issued to Employees". Accordingly, compensation
       cost for stock options is measured as the excess, if any, of quoted
       market price of the Company's stock at the date of grant over the option
       price. No stock based compensation has resulted from the use of this
       prior standard.

        No new stock options were granted during the fiscal period ended
        November 30, 2000.

        Following is a summary of the status of the plan during 2000, 1999 and
        1998:
<TABLE>
<CAPTION>
       ====================================================== ========== ===========

                                                                           Weighted
                                                                            Average
                                                                 Number    Exercise
                                                              of Shares       Price
       ------------------------------------------------------ ---------- -----------
<S>                                                            <C>       <C>
       Outstanding at August 31, 1999                            82,000  Cdn$  4.84

           Granted                                                   -   Cdn$  8.25
           Forfeited                                                 -
           Exercised                                                 -
                                                               --------

       Outstanding at November 30, 1999 and August 31, 2000      82,000  Cdn$  4.84

           Granted                                                   -
           Forfeited                                                 -
           Exercised                                                 -
                                                               --------

       Outstanding at November 30, 2000                          82,000  Cdn$  4.84
       ======================================================  ======== ===========
</TABLE>


        Following is a summary of the status of options outstanding at November
        30, 2000:

        =====================================================================

                                Outstanding Options       Exercisable Options
                          ------------------------------- -------------------

                                      Weighted
                                       Average   Weighted            Weighted
                                     Remaining    Average             Average
                                   Contractual   Exercise            Exercise
        Exercise Price     Number         Life      Price  Number       Price
        ----------------- ------- ------------ ---------- ------- -----------

        Cdn$8.25           12,000        0.08   Cdn$ 8.25  12,000  Cdn$ 8.25
        Cdn$4.25           70,000        5.68   Cdn$ 4.25  70,000  Cdn$ 4.25
        ================= ======= ============ ========== ======= ===========



<PAGE>

 JEWETT-CAMERON TRADING COMPANY LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in U.S. dollars)
(Unaudited - Prepared by Management)
NOVEMBER 30, 2000



9.     CONTINGENT LIABILITIES AND COMMITMENTS

      a)   The Company established an Employee Stock Ownership Plan, whereby the
           employees may earn up to 90,000 shares of the Company using a formula
           based on years of service. The establishment of the plan resulted in
           the Company forming a trust, which acquired from the Company 90,000
           shares at a deemed price of Cdn$5.00 per share. As at November 30,
           2000 and 1999 and August 31, 2000, 90,000 of these shares were earned
           by the employees under this plan but remain in the trust (Note 7).

       b)  At November 30, 2000, the Company had an un-utilized line-of-credit
           of approximately $4,500,000.



10.    SUPPLEMENTAL DISCLOSURES WITH RESPECT TO STATEMENTS OF CASH FLOWS

       ================================== =============== ================

                                            November 30,    November 30,
                                                     2000             1999
       ---------------------------------- --------------- ----------------

       Cash paid during the period for:
            Interest                      $        9,849  $           93
            Income taxes                              -          109,000
       ================================== =============== ================

       Significant non-cash transaction for the three month period ended
       November 30, 2000:

       There were no significant non-cash transactions for the three month
       period ended November 30, 2000.

       Significant non-cash transaction for the three month period ended
       November 30, 1999:

         The Company cancelled 82,000 treasury shares repurchased at a price of
         $429,284 which had an original cost of $136,940. The difference between
         the original cost and purchase price of $292,344 was applied against
         retained earnings as a premium relating to the cancellation of share
         capital.



11.   SEGMENTED INFORMATION

       The Company's operations are classified into three principle industry
       segments: (sales of) building materials and (sales of) industrial tools
       and (sales of) processed agricultural seeds.

       Sales of building materials consists of wholesale sales of lumber and
       building materials in the United States and retail sales of building
       materials in Tonga. Sales of industrial tools consists of distribution of
       pneumatic air tools and industrial clamps in the United States. Sales of
       seeds consists of distribution of processed agricultural seeds in the
       United States.

       In computing income from operations by industry segment, unallocable
       general and administrative expenses have been excluded from each
       segment's pre-tax operating earnings before interest expense and have
       been included in general corporate and other operations.


<PAGE>

JEWETT-CAMERON TRADING COMPANY LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in U.S. dollars)
(Unaudited - Prepared by Management)
NOVEMBER 30, 2000



11.    SEGMENTED INFORMATION (cont'd.....)

       Following is a summary of segmented information for the three month
periods ended November 30, 2000 and 1999:

       ================================== ================ ================

                                             November 30,     November 30,
                                                     2000             1999
       ---------------------------------- ---------------- ----------------

       Sales to unaffiliated customers:
           Building Materials:
              United States               $    3,283,140   $    3,829,398
              South Pacific                           -            46,904
           Industrial tools                      251,303          273,414
           Seeds                                 185,357               -
                                          --------------   --------------

                                          $    3,719,800   $    4,149,716
                                          ==============   ==============
       Income from operations:
           Building Materials:
              United States               $       88,684   $      116,961
              South Pacific                      (10,125)         (35,198)
           Industrial tools                       24,627           41,619
           Seeds                                  29,346               -
           General corporate                     (18,417)         (12,291)
                                          --------------   --------------

                                          $      114,115   $      111,091
                                          ==============   ==============
       Identifiable assets:
           Building Materials:
              United States               $    6,939,423   $    5,764,017
              South Pacific                      237,783          421,517
           Industrial tools                      105,489          131,672
           Seeds                                 331,384               -
           General corporate                     116,362          111,778
                                          --------------   --------------

                                          $    7,730,441   $    6,428,984
                                          ==============   ==============
       Depreciation and amortization:
           Building Materials:
              United States               $       30,617   $       28,869
              South Pacific                           -             1,230
           Industrial tools                          244              275
           Seeds                                   8,092               -
                                          --------------   --------------

                                          $       38,953   $       30,374
                                          ==============   ==============
       Capital expenditures:
           Building Materials:
              United States               $       54,774   $       12,625
              South Pacific                           -                -
           Seeds                               1,530,762               -
                                          --------------   --------------

                                          $    1,585,536   $       12,625
                                          ==============   ==============




<PAGE>

JEWETT-CAMERON TRADING COMPANY LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in U.S. dollars)
(Unaudited - Prepared by Management)
NOVEMBER 30, 2000



12.    CONCENTRATIONS OF CREDIT RISK

       Financial instruments which potentially subject the Company to
       concentrations of credit risk consist primarily of cash and trade
       receivables. As of August 31, 2000 and 1999, substantially all of the
       Company's cash, including amounts representing outstanding cheques, are
       deposited with U.S. Bank and U.S. Bancorp Securities. During the normal
       course of business, the Company extends credit to customers conducting
       business in the home improvement industry.


13.    SUBSEQUENT EVENT

       Subsequent to November 30, 2000, stock options to acquire 12,000 common
       shares at CDN$8.25 per share, expired unexercised.