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  May  31,  2002

                                      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 May 31, 2002.  Common Stock, no par value, 1,082,162 Shares.









<PAGE>
                      JEWETT-CAMERON TRADING COMPANY, LTD.
                                   FORM 10-Q

                   For the quarterly period ended May 31, 2002


PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS.











                      JEWETT-CAMERON TRADING COMPANY LTD.

                                   FORM 10-Q
                       CONSOLIDATED FINANCIAL STATEMENTS
                          (EXPRESSED IN U.S. DOLLARS)

                     (UNAUDITED - PREPARED BY MANAGEMENT)
                                 MAY 31, 2002









































<PAGE>
JEWETT-CAMERON TRADING COMPANY LTD.

CONSOLIDATED BALANCE SHEETS
(Expressed in U.S. dollars)

(Unaudited - Prepared by Management)


<TABLE>
<CAPTION>

                                                      May 31,        August 31,
                                                       2002             2001
                                                  ---------------  ---------------
<S>                                               <C>              <C>
ASSETS

CURRENT
  Cash and cash equivalents                       $      321,452   $      322,622
  Accounts receivable                                  6,809,091        1,864,991
  Inventory (Note 3)                                   3,604,586        2,400,027
  Prepaid expenses                                       161,511           61,109
                                                  ---------------  ---------------
  Total current assets                                10,896,640        4,648,749
                                                  ---------------  ---------------

CAPITAL ASSETS (Note 4)                                2,931,962        2,820,676

DEFERRED INCOME TAXES (Note 5)                           184,300          207,300

DEPOSITS                                                  14,400              -
                                                  ---------------  ---------------

         Total assets                             $   14,027,302   $    7,676,725
                                                  ===============  ===============
</TABLE>

Continued


























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

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

<TABLE>
<CAPTION>
                                                      May 31,        August 31,
                                                       2002             2001
                                                  ---------------  ---------------
<S>                                               <C>              <C>
CONT'D

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT
  Bank indebtedness (Note 6)                      $    2,964,652   $      297,960
  Accounts payable and accrued liabilities             3,983,714          684,891
                                                  ---------------  ---------------
  Total current liabilities                            6,948,366          982,851
                                                  ---------------  ---------------

STOCKHOLDERS' EQUITY

  Capital stock (Note 7)
    Authorized 20,000,000 common shares, without
    par value 10,000,000 preferred shares,
    without par value.  Issued 1,082,162 common
    shares (August 31, 2001 - 1,074,162)               1,836,259        1,795,157
  Additional paid-in capital                             602,587          582,247
  Retained earnings                                    5,309,224        4,817,666
                                                       7,748,070        7,195,070
  Less:  Treasury stock - 120,400 common shares
                (August 31, 2001 - 97,000)              (669,134)        (501,196)
                                                  ---------------  ---------------
                                                       7,078,936        6,693,874
                                                  ---------------  ---------------

Total liabilities and stockholders' equity        $   14,027,302   $    7,676,725
                                                  ===============  ===============
</TABLE>

CONTINGENT LIABILITIES AND COMMITMENTS (Note 10)
















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

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

<TABLE>
<CAPTION>
                               Three Month    Three Month    Nine Month     Nine Month
                               Period Ended   Period Ended   Period Ended   Period Ended
                               May 31,        May 31,        May 31,        May 31,
                               2002           2001           2002           2001
                               -------------  -------------  -------------  -------------
<S>                            <C>            <C>            <C>            <C>
SALES                          $ 19,597,409   $  7,572,756   $ 27,118,392   $ 15,838,071
COST OF SALES                    16,937,851      6,393,014     22,538,306     13,052,490
                               -------------  -------------  -------------  -------------

GROSS PROFIT                      2,659,558      1,179,742      4,580,086      2,785,581
                               -------------  -------------  -------------  -------------

OPERATING EXPENSES
  General and administrative
    - Schedule                    2,180,886        853,661      3,808,059      2,267,598
INCOME FROM OPERATIONS              478,672        326,081        772,027        517,983
OTHER ITEMS
  Interest and other income             -           14,154            491         19,574
  Interest expense                  (18,645)       (54,126)       (20,360)      (106,989)
                               -------------  -------------  -------------  -------------
                                    (18,645)       (39,972)       (19,869)       (87,415)
                               -------------  -------------  -------------  -------------

INCOME BEFORE INCOME TAXES          460,027        286,109        752,158        430,568
INCOME TAX EXPENSE                 (133,600)           -         (260,600)       (13,000)
                               -------------  -------------  -------------  -------------
NET INCOME FOR THE PERIOD      $    326,427   $    286,109   $    491,558   $    417,568
                               =============  =============  =============  =============

BASIC EARNINGS PER SHARE       $       0.34   $       0.29   $       0.51   $       0.42
                               =============  =============  =============  =============

DILUTED EARNINGS PER SHARE     $       0.32   $       0.28   $       0.48   $       0.40
                               =============  =============  =============  =============

WEIGHTED AVERAGE NUMBER OF
 COMMON SHARES OUTSTANDING:

  Basic                             965,086        998,506        966,615        998,506
                               =============  =============  =============  =============

  Diluted                         1,017,920      1,032,179      1,016,478      1,032,179
                               =============  =============  =============  =============
</TABLE>







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)

<TABLE>
<CAPTION>
                               Three Month    Three Month    Nine Month     Nine Month
                               Period Ended   Period Ended   Period Ended   Period Ended
                               May 31,        May 31,        May 31,        May 31,
                               2002           2001           2002           2001
                               -------------  -------------  -------------  -------------
<S>                            <C>            <C>            <C>            <C>
Bad debt recovery              $        -     $    (28,266)  $     (2,949)  $    (61,579)
Consulting                              -              487            -            1,732
Depreciation and amortization        78,807         66,361        202,269        160,370
Foreign exchange (gain) loss             28        (11,764)          (787)        22,119
Insurance                            92,221         35,731        149,761         87,993
Office and miscellaneous            142,604         59,653        248,198        179,522
Professional fees                    57,891         17,371        106,145         72,120
Rent                                 41,313            -           41,313            -
Repairs and maintenance              14,234          8,257         31,368         28,487
Telephone and utilities              43,424         30,185        101,163         76,117
Travel, entertainment and
  advertising                        72,566         49,235        165,525        130,304
Warehouse expenses and supplies      97,696         60,866        215,387        148,513
Wages and employee benefits       1,540,102        565,545      2,550,666      1,421,900
                               -------------  -------------  -------------  -------------
                               $  2,180,886   $    853,661   $  3,808,059   $  2,267,598
                               =============  =============  =============  =============
</TABLE>




























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

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

<TABLE>
<CAPTION>
                                                   Three Month    Three Month    Nine Month     Nine Month
                                                   Period Ended   Period Ended   Period Ended   Period Ended
                                                   May 31,        May 31,        May 31,        May 31,
                                                   2002           2001           2002           2001
                                                   -------------  -------------  -------------  -------------
<S>                                                <C>            <C>            <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES
 Net income                                        $    326,427   $    286,109   $    491,558   $    417,568
 Items not involving an outlay of cash:
  Depreciation and amortization                          78,808         66,361        202,269        160,370
  Deferred income tax                                       -              -           23,000            -
  Stock-based compensation                                  -              -           20,340            -
 Changes in non-cash working capital items:
  Increase in accounts receivable                    (5,547,402)    (1,176,779)    (4,944,100)    (1,238,189)
  (Increase) decrease in inventory                     (154,037)     1,697,519     (1,204,559)      (393,768)
  (Increase) decrease in prepaid expenses                34,446         50,375       (100,402)       (72,306)
  Increase (decrease) in bank indebtedness            2,023,376       (688,207)     2,666,692      2,483,517
  Increase (decrease) in accounts payable
   and accrued liabilities                            3,513,726       (226,804)     3,298,823        354,134
                                                   -------------  -------------  -------------  -------------
 Net cash provided by operating activities              275,344          8,574        453,621      1,711,326
                                                   -------------  -------------  -------------  -------------

CASH FLOWS FROM FINANCING ACTIVITIES
 Issuance of capital stock for cash                         -              -           41,102            -
 Treasury shares acquired                               (28,337)       (11,341)      (167,938)      (136,518)
                                                   -------------  -------------  -------------  -------------
 Net cash used in financing activities                  (28,337)       (11,341)      (126,836)      (136,518)
                                                   -------------  -------------  -------------  -------------

CASH FLOWS FROM INVESTING ACTIVITIES
 Purchase of capital assets                            (284,215)       (34,254)      (313,555)    (1,628,969)
 Deposits                                               (14,400)           -          (14,400)           -
                                                   -------------  -------------  -------------  -------------
 Net cash used in investing activities                 (298,615)       (34,254)      (327,955)    (1,628,969)
                                                   -------------  -------------  -------------  -------------

CHANGE IN CASH AND CASH EQUIVALENTS                    (51,608)        (37,021)        (1,170)       (54,161)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD          373,060        191,137        322,622        208,277
                                                   -------------  -------------  -------------  -------------
CASH AND CASH EQUIVALENTS, END OF PERIOD           $    321,452   $    154,116   $    321,452   $    154,116
                                                   =============  =============  =============  =============
</TABLE>

SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS (Note 13)















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

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

<TABLE>
<CAPTION>
                              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, 2000         1,074,162  $ 1,795,157        65,500   $   332,642   $   582,247   $ 4,105,470   $ 6,150,232

Net income for the period              -            -             -             -             -         712,196       712,196
Treasury shares acquired               -            -          31,500       168,554           -             -        (168,554)
                              ------------  ------------  ------------  ------------  ------------  ------------  ------------
BALANCE, AUGUST 31, 2001         1,074,162    1,795,157        97,000       501,196       582,247     4,817,666     6,693,874

 Net income for the period             -            -             -             -             -         491,558       491,558
 Treasury shares acquired              -            -          23,400       167,938           -             -        (167,938)
 Stock based compensation for
   options issued to employees         -            -             -             -          20,340           -          20,340
 Share options exercised             8,000       41,102           -             -             -             -          41,102
                              ------------  ------------  ------------  ------------  ------------  ------------  ------------
BALANCE, MAY 31, 2002            1,082,162  $ 1,836,259       120,400   $   669,134   $   602,587   $ 5,309,224   $ 7,078,936
                              ============  ============  ============  ============  ============  ============  ============
</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)
MAY 31, 2002

1.   NATURE OF OPERATIONS

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

     The Company through its subsidiaries operates out of facilities located in
     North  Plains,  Oregon  and  Ogden,  Utah.   The  Company  operates  as  a
     wholesaler  of  lumber  and building materials to home improvement centres
     located primarily in the  Pacific and Rocky Mountain regions of the United
     States,  as  an  importer and  distributor  of  pneumatic  air  tools  and
     industrial clamps  throughout  the  United  States, and as a processor and
     distributor of agricultural seeds in the United States.

2.   SIGNIFICANT ACCOUNTING POLICIES

     GENERALLY ACCEPTED ACCOUNTING PRINCIPLES

     These consolidated financial statements have  been  prepared in accordance
     with  generally  accepted accounting principles of the  United  States  of
     America,  which are  not  materially  different  from  generally  accepted
     accounting principles utilized in Canada.

     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, 2001.  The results of operations for the period ended  May  31,
     2002  are not necessarily indicative of the results to be expected for the
     year ending August 31, 2002.

     PRINCIPLES OF CONSOLIDATION

     These consolidated  financial  statements  include  the  accounts  of  the
     Company  and  its  wholly-owned  subsidiaries,  The  Jewett-Cameron Lumber
     Corporation, Jewett-Cameron Seed Co., Greenwood Products  Inc. and MSI-PRO
     Co., all of which are incorporated under the laws of Oregon, U.S.A.

     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)
MAY 31, 2002

2.   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.   Revenue  from  the  Company's  seed  operations  is
     generated  by  the  provision of seed  processing,  handling  and  storage
     services provided to  seed  growers,  and  by  the sales of seed products.
     Revenue from the provision of these services and  products  is  recognized
     when the services have been performed and products sold and collection  of
     the amounts is reasonably assured.

     CURRENCY

     These  financial statements are expressed in U.S. dollars as the Company's
     operations  are  based  predominately  in  the United States.  Any amounts
     expressed in Canadian dollars are indicated as such.

     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, using  the average cost method
     and net realizable value.


     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
                          Buildings             5-30 years

     FOREIGN EXCHANGE

     The Company's functional currency for all operations worldwide is the U.S.
     dollar.  Nonmonetary assets and liabilities are translated  at  historical
     rates and monetary assets and liabilities are translated at exchange rates
     in  effect  at  the  end  of  the  period.   Income statement accounts are
     translated  at  average  rates  for  the period.  Gains  and  losses  from
     translation of foreign currency financial statements into U.S. dollars are
     included in current results of operations.   Gains  and  losses  resulting
     from foreign currency translations are also included in current results of
     operations.




<PAGE>
JEWETT-CAMERON TRADING COMPANY LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in U.S. Dollars)
(Unaudited - Prepared by Management)
MAY 31, 2002

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

     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.


     The earnings per share data for the periods ended May 31 is summarized  as
     follows:

<TABLE>
<CAPTION>
                                         Three Month   Three Month   Nine Month    Nine Month
                                         Period Ended  Period Ended  Period Ended  Period Ended
                                         May 31, 2002  May 31, 2001  May 31, 2002  May 31, 2001
                                         ------------  ------------  ------------  ------------
<S>                                       <C>          <C>           <C>           <C>
Net income                               $   326,427   $   286,109   $   491,558   $   417,568
Basic earnings per share weighted
  average number of shares outstanding       965,086       998,506       966,615       998,506
Effect of dilutive securities
  Stock options                               52,834        33,673        49,863        33,673
Diluted earnings per share weighted
  average number of shares outstanding     1,017,920     1,032,179     1,016,478     1,032,179
</TABLE>

     EMPLOYEE STOCK OPTION PLAN

     Financial  Accounting  Standards  Board  statement No. 123 (Accounting for
     Stock-Based Compensation) encourages, but  does  not require, companies to
     record compensation cost for stock-based employee compensation plans based
     on the fair value of options granted.  The Company has elected to continue
     to account for stock-based compensation using the  intrinsic  value method
     prescribed  in Accounting Principles Board Opinion No. 25 (Accounting  for
     Stock Issued  to  Employees)  and  related  interpretations and to provide
     additional disclosures with respect to the pro-forma  effects  of adoption
     had the Company recorded compensation expense as provided in SFAS 123.

     In  accordance  with  APB-25,  compensation  costs  for  stock options  is
     recognized  in  income  based on the excess, if any, of the quoted  market
     price of the stock at the  grant  date  of  the award or other measurement
     date  over  the  amount  an  employee  must  pay  to  acquire  the  stock.
     Generally,  the  exercise  price  for stock options granted  to  employees
     equals or exceeds the fair market value  of  the Company's common stock at
     the  date  of grant, thereby resulting in no recognition  of  compensation
     expense by the Company.





<PAGE>
JEWETT-CAMERON TRADING COMPANY LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in U.S. Dollars)
(Unaudited - Prepared by Management)
MAY 31, 2002

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

     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".

     FINANCIAL INSTRUMENTS

     The Company  uses  the  following  methods and assumptions to estimate the
     fair  value  of  each  class of financial  instruments  for  which  it  is
     practicable to estimate such values:

     CASH AND SHORT-TERM INVESTMENTS

     The carrying amount approximates  fair  value  because  of  the short-term
     maturity of those instruments.


     ACCOUNTS RECEIVABLE

     The carrying value of accounts receivable approximates fair value  due  to
     the short-term nature and historical collectability.


     BANK INDEBTEDNESS

     The  carrying  amount approximates fair value due to the short-term nature
     of the obligation.

     ACCOUNTS PAYABLE

     The carrying value  of accounts payable approximates fair value due to the
     short-term nature of the obligations.

     The estimated fair values  of  the  Company's financial instruments are as
     follows:

<TABLE>
<CAPTION>
                                                May 31, 2002              August 31, 2001
                                         --------------------------  --------------------------
                                         Carrying      Fair          Carrying      Fair
                                         Amount        Value         Amount        Value
                                         ------------  ------------  ------------  ------------
<S>                                      <C>           <C>           <C>           <C>
Cash and cash equivalents                $   321,452   $   321,452   $   322,622   $   322,622
Accounts receivable                        6,809,091     6,809,091     1,864,991     1,864,991
Bank indebtedness                          2,964,652     2,964,652       297,960       297,960
Accounts payable and accrued liabilities   3,983,652     3,983,652       684,891       684,891
</TABLE>


<PAGE>
JEWETT-CAMERON TRADING COMPANY LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in U.S. Dollars)
(Unaudited - Prepared by Management)
MAY 31, 2002

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

     COMPARATIVE FIGURES

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

     INCOME TAXES

     Income taxes are provided in accordance with SFAS No. 109, "Accounting for
     Income  Taxes".   A  deferred  tax  asset or liability is recorded for all
     temporary  differences  between  financial   and  tax  reporting  and  net
     operating loss carryforwards.  Deferred tax expense (benefit) results from
     the net change during the year of deferred tax assets and liabilities.

     Deferred  tax assets are reduced by a valuation  allowance  when,  in  the
     opinion of management, it is more likely than not that some portion or all
     of the deferred  tax assets will not be realized.  Deferred tax assets and
     liabilities are adjusted  for the effects of changes in tax laws and rates
     on the date of enactment.

     RECENT ACCOUNTING PRONOUNCEMENTS

     Effective June 1, 2001, the  Company  adopted  the  SEC's Staff Accounting
     Bulletin  No.  101,  "Revenue Recognition in Financial Statements,"  ("SAB
     101").  SAB 101 provides guidance related to revenue recognition.

     In July 2001, the FASB  issued  SFAS No. 141, "Business Combinations", and
     SFAS  No.  142,  "Goodwill and Other  Intangible  Assets."  SFAS  No.  141
     requires that the  purchase  method  of  accounting be used for all future
     business  combinations  and  specifies  criteria  that  intangible  assets
     acquired in a business combination must meet to be recognized and reported
     apart from goodwill. SFAS No. 142 requires  that  goodwill  and intangible
     assets  with  indefinite useful lives no longer be amortized, but  instead
     tested for impairment  at least annually in accordance with the provisions
     of SFAS No. 142. SFAS No.  142  will  also  require that intangible assets
     with estimable useful lives be amortized over  their  respective estimated
     useful lives, and reviewed for impairment in accordance with SFAS No. 121.
     The Company has adopted the provisions of SFAS 141 and SFAS 142 as of July
     1, 2001.

     In July 2001, the FASB issued Statement of Financial Accounting  Standards
     No. 143 ("SFAS 143")  "Accounting for  Asset Retirement Obligations"  that
     records the  fair  value of  the liability  for closure and removal  costs
     associated with the legal  obligations  upon retirement  or removal of any
     tangible long-lived assets.  The initial recognition of the liability will
     be  capitalized  as part  of  the  asset cost  and  depreciated  over  its
     estimated  useful  life.  SFAS 143  is required  to be  adopted  effective
     January 1, 2003.

     In  August  2001,  the  FASB  issued  Statement  of  Financial  Accounting
     Standards No. 144 ("SFAS 144") "Accounting for the Impairment  or Disposal
     of  Long-Lived  Assets"  that supersedes Statement of Financial Accounting
     Standards No. 121 "Accounting for the Impairment or Disposal of Long-Lived
     Assets and for Long-Lived Assets to Be Disposed Of."  SFAS 144 is required
     to be adopted effective January 1, 2002.
<PAGE>
JEWETT-CAMERON TRADING COMPANY LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in U.S. Dollars)
(Unaudited - Prepared by Management)
MAY 31, 2002

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

     RECENT ACCOUNTING PRONOUNCEMENTS (con'd...)

     The  adoption of these new  pronouncements  is  not  expected  to  have  a
     material  effect  on  the  Company's  financial  position  or  results  of
     operations.

3.   INVENTORY

                                                May 31,      August 31,
                                                 2002          2001
                                             ------------  ------------
     Home improvement products               $ 2,879,646   $ 1,936,706
     Air tools and industrial clamps             284,556       280,449
     Seeds                                       440,384       182,872
                                             ------------  ------------
                                             $ 3,604,586   $ 2,400,027
                                             ============  ============

4.   CAPITAL  ASSETS



                                                May 31,      August 31,
                                                 2002          2001
                                             ------------  ------------
     Office equipment                        $   486,767   $   199,348
     Warehouse equipment                         659,282       651,581
     Buildings                                 2,085,240     2,072,155
     Land                                        851,568       845,632
                                             ------------  ------------
                                                4,082,857    3,768,716
     Accumulated depreciation                  (1,150,895)    (948,040)
                                             ------------  ------------
     Net book value                          $  2,931,962  $ 2,820,676
                                             ============  ============

     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.

5.   DEFERRED INCOME TAXES

     Deferred income taxes of $184,300 (August  31,  2001  -  $207,300)  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)
MAY 31, 2002

6.   BANK INDEBTEDNESS

     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 points.

7.   CAPITAL STOCK

     Holders of common  stock  are  entitled  to  one vote for each share held.
     There  are  no  restrictions  that  limit  the Company's  ability  to  pay
     dividends on its common stock.  The Company has not declared any dividends
     since incorporation.

     TREASURY STOCK

     Treasury stock is recorded at cost.  During the periods ended May 31, 2002
     and 2001, the Company repurchased 23,400 and  30,500 shares, respectively,
     at an aggregate cost of $167,938 and $136,518, respectively.

8.   EMPLOYEE STOCK OWNERSHIP PLAN

     The Company sponsors 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.  The Company accounts for  its ESOP in accordance with
     SOP-93-6 (Employers' Accounting for Employee Stock  Ownership Plans).  The
     Company  records  compensation expense equal to the market  price  of  the
     shares acquired on  the  open  market.   Any  dividends  on allocated ESOP
     shares will be recorded as a reduction of retained earnings.

9.   STOCK OPTIONS

     The Company has a stock option plan under which 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 ("TSX"), 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.


<PAGE>
JEWETT-CAMERON TRADING COMPANY LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in U.S. Dollars)
(Unaudited - Prepared by Management)
MAY 31, 2002

9.   STOCK OPTIONS (cont'd...)

     Proceeds  received  by  the Company from exercise  of  stock  options  are
     credited to capital stock.

     At  May  31,  2002, employee  incentive  stock  options  were  outstanding
     enabling the holders to acquire the following number of shares:

                       Number        Exercise
                       of Shares     Price        Expiry Date
                       ------------  -----------  ---------------
                        70,000 Cdn$      4.25     August 6, 2006
                        12,000 Cdn$      7.50     April 30, 2003

     Following is a summary of the status of the plan during 2002 and 2001:

                                                             Weighted
                                                             Average
                                               Number        Exercise
                                               of Shares     Price
                                               ------------  ------------
     Outstanding at August 31, 2000                 90,000   Cdn$  5.14
       Granted                                         -            -
       Forfeited                                       -            -
       Exercised                                   (12,000)        8.25
                                               ------------  ------------
     Outstanding at August 31, 2001                 78,000         4.66

       Granted/repriced                             12,000         8.55
       Forfeited                                       -            -
       Exercised                                    (8,000)        8.25
                                               ------------  ------------
     Outstanding at May 31, 2002                    82,000   Cdn$  4.73
                                               ============  ============

     Following is a  summary  of  the  status of options outstanding at May 31,
2002:

                               Outstanding Options       Exercisable Options
                            -------------------------  -------------------------
                            Weighted
                            Average       Weighted                Weighted
                            Remaining     Average                 Average
                            Contractual   Exercise                Exercise
Exercise Price  Number      Life (Years)  Price        Number     Price
--------------  ----------  ------------  -----------  ----------  ------------
 Cdn$  4.25        70,000       4.19       Cdn$ 4.25      70,000    Cdn$ 4.25
 Cdn$  7.50        12,000       0.92       Cdn$ 7.50      12,000    Cdn$ 7.50








<PAGE>
JEWETT-CAMERON TRADING COMPANY LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in U.S. Dollars)
(Unaudited - Prepared by Management)
MAY 31, 2002

9.   STOCK OPTIONS (cont'd...)

     The Company has elected to follow APB Opinion No. 25 (Accounting for Stock
     Issued  to  Employees)  in accounting  for  its  employee  stock  options.
     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.   Stock based compensation recognized
     during the period ended May 31, 2002 was  $20,340  (2001  -  $Nil).   This
     amount  was  allocated  to wages and employee benefits in the accompanying
     statement of operations.   If  under  Financial Accounting Standards Board
     Statement No. 123 (Accounting for Stock-Based  Compensation)  the  Company
     determined  compensation  costs  based on the fair value at the grant date
     for its stock options, net earnings and earnings per share would have been
     reduced to the following pro-forma amounts:


                                       May 31,       May 31,
                                        2002          2001
                                    ------------  ------------
     NET INCOME
       As reported                  $   491,558   $   417,568
       Pro forma                    $   481,586   $   417,568
     BASIC EARNINGS PER SHARE
       As reported                  $      0.51   $      0.42
       Pro forma                    $      0.50   $      0.42
     DILUTED EARNINGS PER SHARE
       As reported                  $      0.48   $      0.40
       Pro forma                    $      0.47   $      0.40

     The weighted average estimated fair  value of stock options granted during
     the periods ended May 31, 2002 and 2001 were Cdn$3.98 and $Nil  per share,
     respectively.  These repriced amounts  were  determined  using  the Black-
     Scholes  option  pricing  model,  which  values options based on the stock
     price at the grant date, the expected life  of  the  option, the estimated
     volatility of the stock, the expected dividend payments, and the risk-free
     interest rate over the expected life of the option.  The  assumptions used
     in the Black-Scholes model were as follows for stock options granted:


                                       May 31,       May 31,
                                        2002          2001
                                    ------------  ------------
     Risk-free interest rate              3%             -
     Expected life of the options       2 years          -
     Expected volatility                41.62%           -
     Expected dividend yield               -             -

     The Black-Scholes option valuation model was developed for  estimating the
     fair  value  of traded options that have no vesting restrictions  and  are
     fully transferable.   Because  option  valuation models require the use of
     subjective assumptions, changes in these assumptions can materially affect
     the fair value of the options, and the Company's  options  do not have the
     characteristics of traded options, so the option valuation models  do  not
     necessarily provide a reliable measure of the fair value of its options.


<PAGE>
JEWETT-CAMERON TRADING COMPANY LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in U.S. Dollars)
(Unaudited - Prepared by Management)
MAY 31, 2002

10.  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 May 31, 2002 and
       2001 and August 31, 2001, 90,000  of  these  shares  were  earned by the
       employees under this plan but remain in the trust (Note 9).

     b)At  May 31, 2002 and 2001, the Company had an un-utilized line-of-credit
       of approximately $1,700,000 and $2,000,000, respectively.

     c)On March  1,  2002  the Company entered into an agreement with Greenwood
       Forest  Products,  Inc.  ("Greenwood")  to  acquire  certain  assets  of
       Greenwood.  The assets  being  acquired  consist of nearly $7 million of
       inventory, purchased in seven installments over the next two years for a
       price  equal to the seller's cost plus 2%;  furnishings,  equipment  and
       supplies  for  $260,000  payable at closing (paid); and a license to use
       all of the intangible assets of the seller for a five year term, with an
       option to purchase the intangible assets for a nominal amount of $1,000,
       payable at closing (paid).   To  date,  the  Company  has made the first
       instalment for the purchase of inventory in the amount of $729,098.

       Greenwood  is  in  the  business  of  processing  and  distribution   of
       industrial  wood  and  other specialty building products, principally to
       original equipment manufacturers.

11.  SEGMENTED INFORMATION

     The Company has three principal  operating  segments:  the sales of lumber
     and building materials to home improvement centres in the  United  States;
     the  sale  of  pneumatic  air  tools  and  industrial clamps in the United
     States; and the processing and sales of agricultural  seeds  in the United
     States.  These operating segments were determined based on the  nature  of
     the  products offered.  Operating segments are defined as components of an
     enterprise about which separate financial information is available that is
     evaluated regularly in deciding how to allocate resources and in assessing
     performance.   The Company evaluates performance based on several factors,
     of which the primary  financial  measure is business segment income before
     taxes.   The  following  tables  show  the  operations  of  the  Company's
     reportable segments.

     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)
MAY 31, 2002

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

     Following  is a summary  of  segmented  information  for  the  nine  month
     periods:

                                                   May 31,         May 31,
                                                    2002            2001
                                               --------------  --------------
     Sales to unaffiliated customers:
       Building materials                      $  24,631,092   $  13,958,483
       Industrial tools                              576,387         716,219
       Seed processing services and sales          1,910,913       1,163,369
                                               --------------  --------------
                                               $  27,118,392   $  15,838,071
                                               ==============  ==============
     Income from operations:
       Building materials                      $     586,352   $     571,283
       Industrial tools                               55,711          60,405
       Seed processing services and sales            173,847         (32,538)
       General corporate                             (43,883)        (81,167)
                                               --------------  --------------
                                               $      772,027  $     517,983
                                               ==============  ==============
     Identifiable assets:
       Building materials                      $  12,978,512   $   9,468,694
       Industrial tools                              123,613         119,922
       Seed processing services and sales            908,208         348,330
       General corporate                              16,969         119,115
                                               --------------  --------------
                                               $  14,027,302   $  10,056,061
                                               ==============  ==============
     Depreciation and amortization:
       Building materials                      $     202,269   $     132,112
       Industrial tools                                  -               650
       Seed processing services and sales                -            27,608
                                               --------------  --------------
                                               $     202,269   $     160,370
                                               ==============  ==============
     Capital expenditures:
       Building materials                      $     277,161   $      69,453
       Seed processing services and sales             36,394       1,559,516
                                               --------------  --------------
                                               $     313,555   $   1,628,969
                                               ==============  ==============
     Interest expense:
       Building materials                      $      20,360   $     106,989
       Industrial tools                                  -               -
       Seed processing services and sales                -               -
                                               --------------  --------------
                                               $      20,360   $     106,989
                                               ==============  ==============

     For the nine  month  periods  ended May 31, 2002 and 2001 the Company made
     sales of $6,931,865 (2001 - $4,629,764) and $2,491,255 (2001 - $6,352,069)
     to customers of the building material segments which were in excess of 10%
     of total sales for the nine month periods.
<PAGE>
JEWETT-CAMERON TRADING COMPANY LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in U.S. Dollars)
(Unaudited - Prepared by Management)
MAY 31, 2002

12.  CONCENTRATIONS OF CREDIT RISK

     Financial   instruments   that  potentially   subject   the   Company   to
     concentrations  of  credit  risk   consist  primarily  of  cash  and  cash
     equivalents and accounts receivable.  The Company places its cash and cash
     equivalents with high quality financial institutions and limits the amount
     of   credit  exposure  with  any  one  institution.    The   Company   has
     concentrations of credit risk with respect to accounts receivable as large
     amounts  of its accounts receivable are concentrated geographically in the
     United States  amongst  a small number of customers.  At May 31, 2002, one
     customer totalling $701,180 accounted for accounts receivable greater than
     10%  of  total accounts receivable.   The  Company  controls  credit  risk
     through credit  approvals,  credit limits, and monitoring procedures.  The
     Company  performs  credit evaluations  of  its  commercial  customers  but
     generally does not require collateral to support accounts receivable.

13.  SUPPLEMENTAL DISCLOSURES WITH RESPECT TO CASH FLOWS

                                              May 31,       May 31,
                                               2002          2001
                                           ------------  ------------
     Cash paid during the period for:
       Interest                            $    20,360   $   106,989
       Income taxes                                -             -

     There were no significant non-cash transactions for the nine month periods
ended May 31, 2002 and 2001.





























<PAGE>
                      JEWETT-CAMERON TRADING COMPANY, LTD.
                                   FORM 10-Q
                   For the quarterly period ended May 31, 2002

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.

Company  operations  were  up during the third quarter of Fiscal 2002, ended May
31,  2002,  as  sales  increased  over  the second quarter of Fiscal 2002, ended
February  28,  2002.  Gross sales increased $12,024,653 during the third quarter
of  Fiscal  2002  as  compared  to the third quarter of Fiscal 2001.  During the
third  quarter of Fiscal 2002, the Company experienced an increase in net income
of  $40,318 as compared to the third quarter of Fiscal 2001.  The overall result
was  net  income of $326,427 for the third quarter of Fiscal 2002 and net income
for  the  first nine months of Fiscal 2002 of $491,558.  These figures represent
increases  of  $40,318  and  $73,990  respectively.

RESULTS OF OPERATIONS:

THREE MONTHS ENDED May 31, 2002 and 2001:

For  the  third  quarter  of the current fiscal year, ending May 31, 2002, sales
increased  159% to $19,597,409 as compared to $7,572,756 for the same quarter of
the  previous  year.  The  primary  reason  for  the  increase  in sales was the
contribution  of Greenwood Products, Inc. - a newly organized Oregon corporation
and  wholly-owned  subsidiary  of  Jewett Cameron Lumber Corporation.  Greenwood
Products,  Inc.  resulted from the purchase by Jewett-Cameron Lumber Corporation
of  the  business  and  certain  assets  of  Greenwood  Forest Products, Inc. of
Portland,  Oregon.

General  and  administrative  expenses  for  the Company were $2,180,886 for the
third quarter, up from $853,661 for the third quarter of the previous year.  The
primary  reasons  for the increase of $1,327,225 in expenses was the increase in
corporate activity brought about by the addition of Greenwood Products, Inc. and
the  increase  in  the  activities  of  Jewett  Cameron Seed Co., a wholly-owned
subsidiary  of  the  Company  created during Fiscal 2001.  Virtually all expense
categories  increased  substantially  during  the  third quarter of Fiscal 2002.
Depreciation  and  amortization  increased  $12,446  over the prior like period;
insurance increased $56,490 over the prior like period; office and miscellaneous
increased  $82,591  over  the  prior  like  period;  professional fees increased
$40,520  over  the prior like period; rent increased $41,313 over the prior like
period;  repairs  and  maintenance  increased $5,977 over the prior like period;
telephone  and  utilities  increased $13,239 over the prior like period; travel,
entertainment  and  advertising  increased  $23,331  over the prior like period;
Warehouse  expenses  and  supplies increased $36,830 over the prior like period;
and,  wages and employee benefits increased $974,557 over the prior like period.

Net income for the quarter was $326,427. This represents an increase of 14% over
the  third  quarter  of last year when net income was $286,109.  The increase in
net  income  was  due  primarily  to an increase in income from operations and a
decrease  in  interest  expense.



<PAGE>
                      JEWETT-CAMERON TRADING COMPANY, LTD.
                                   FORM 10-Q

                   For the quarterly period ended May 31, 2002

Earnings  per  share  (fully diluted) were $0.32 for the third quarter of Fiscal
2002  compared to $0.28 for the third quarter of fiscal 2001 an increase of 14%.

NINE  MONTHS  ENDED  May  31,  2002:

Sales  for  the  first  nine  months of Fiscal 2002 increased 71% to $27,118,392
compared  to  $15,838,071  in  the  same  period  last  year.

Sales  for  Jewett-Cameron Lumber were $24,631,092 for the nine months ended May
31,  2002,  up  76% compared to sales of $13,958,483 for the same period of last
year.

Sales  for MSI-PRO (pneumatic tools and industrial clamps) were $576,387 for the
nine  months ended May 31, 2002 compared to $716,219 for the same period of last
year,  a  decrease  of  $139,832.

Sales  for Jewett-Cameron Seed Company were $1,910,913 for the nine months ended
May  31,  2002 compared to $1,163,369 for the same period last year resulting in
an  increase  of  64%.

General and administrative expenses for the Company were $3,808,059 for the nine
month  period  up from $2,267,598 for the same period of last year.  The primary
reason  for  the  increase of $1,540,461is the addition of the operations of the
Company's  newest  wholly-owned subsidiary, Greenwood Products, Inc.  As was the
case  during the three months ended May 31, 2002 as compared to the three months
ended  May  31,  2001,  all  expense  categories increased with the exception of
foreign  exchange (gain) loss because of the increased business activity brought
about  by  the operations of Greenwood Products, Inc.  Depreciation increased by
$41,899;  insurance  increased by $61,768; office and miscellaneous increased by
$68,676;  professional  fees  increased  by $$34,025; rent increased by $41,313;
repairs  and  maintenance increased by $2,881; telephone and utilities increased
by  $25,046;  travel,  entertainment  and  advertising   increased  by  $35,221;
warehouse  expense  and  supplies  increased by $66,874; and, wages and employee
benefits  increased  by  $1,128,166.

Net  income  for  the  first  nine  months  of  Fiscal  2002  was $491,558 which
represents  an  18%  increase  over  the first nine months of last year when net
income  was  $417,568.  The  increase  in net income was due primarily to higher
sales  and  lower  interest  expenses.

Earnings  per  share  (fully  diluted)  were  $0.48 for the first nine months of
Fiscal  2002  compared  to  $0.40  for  the  same  period  of  Fiscal  2001.

LIQUIDITY AND CAPITAL RESOURCES

As  of  May  31,  2002  the  Company  had  working  capital  of $3,948,274 which
represented  an  increase  of  $526,465  as  compared  to the working capital of
$3,421,809  as  of  May  31, 2001.  The increase in working capital was due to a
decrease  in  cash  and  cash  equivalents  of $167,336; an increase in accounts
receivable of $3,029,515; an increase in inventory of $588,243; and, an increase
in  prepaid  expenses of $64,958. The expansion in business brought about by the
addition of Greenwood Products also resulted in an increase in bank indebtedness
of  $481,135  and  an  increase  in  accounts payable and accrued liabilities of
$2,842,452.

Accounts  Receivable  and  Inventory  represented 96% of current assets and both
continue  to  turn  over  at  acceptable  rates.

<PAGE>
                      JEWETT-CAMERON TRADING COMPANY, LTD.
                                   FORM 10-Q
                   For the quarterly period ended May 31, 2002

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 as of May 31, 2002 of $2,964,652.  As of
the  end  of Fiscal 2001 (August 31st) the Company had an outstanding balance of
$297,960.

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.

ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
           MARKET RISKS:

The  Company  does  not  have any derivative financial instruments as of May 31,
2002.  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

N/A

                          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     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: July 10, 2002            /s/ Donald M. Boone
                                ---------------------------------------
                                Donald M. Boone, President/CEO/Director