Hello Graham:

Newfoundland stamps from as early as the 1897 Cabot issue
are known with perforated initials.

There are literally hundred of different varieties in
this area. The perfin shown below is one of the most
frequently seen - AYRE. It has been photographed from
the back with the image reversed so you can clearly
read the perfin.
http://bnaps.org/specialized/image17.jpg

This was the perfin of AYRE & SONS.

211-219 Water Street (George Knowling's) and
231-235 Water Street (Ayre & Sons), St. John's, ca. 1899.
http://www.heritage.nf.ca/society/im...7.2.01.009.jpg

Water Street west, Ayre & Sons (on left),
St. John's NFLD, ca. 1948.
http://www.library.mun.ca/qeii/cns/p...oto0102003.jpg

Ayre & Sons is considered as one of the big four
of Newfoundland commerce. It opened in 1859 in
St. Johns, as Ayre & Steers, becoming Ayre & Sons
in 1884. The company originally acted as importers
but over the years the business expanded to include
department, hardware, grocery and retail stores.

In 1931 it opened its own commercial radio station.
In 1959 the name was changed to Ayres Ltd. Since then
it has expanded to incorporate a number of other
companies and today operates approximately 50 stores
and businesses across Canada.

The Ayres had an interesting connection to
Newfoundland stamps.

On June 25, 1878, Robert Holloway married Henrietta
Palfrey, niece of local politician, the Hon. C.R. Ayre.
Holloway was a teacher and school principal who became
a photographer.

After his death, from TB in 1904, Holloway's family
published Through Newfoundland With the Camera (1905),
a book Holloway had worked on for several years before
his death. A second edition was published in 1910.

The preface of the book, written by Holloway, notes
that two of his photographs had been reproduced on
Newfoundland stamps and one on a Canadian two-dollar
bank note. Of the 14 stamps of the Newfoundland
1923-24 pictorial issue, twelve were taken from
Holloway prints.

The Ayre Perfins (1987-1947)
http://www.kalnieciai.lt/zenius/amer...dland/AYRE.jpg

1933 - #216 Gilbert issue
http://imagehost.vendio.com/bin/imag...n/Jul02864.JPG

1935- King George V Jubilee issue
Only one perfin design is known to appear on the
Newfoundland Silver Jubilee stamps. This was the
perfin 'AYRE' for Ayre & Sons Ltd. It has been
found on all four stamp values.

The perfin on 7c and 24c stamps is very rare.
Both 4c and 5c perfins are known on cover.

The Jubilee stamps
http://www.philatel2.com/jubilee/36ef4a30.jpg
http://www.philatel2.com/jubilee/4bd96fe0.jpg

The 4c Jubilee perfin on cover
http://www.philatel2.com/jubilee/4be90dd0.jpg

Newfoundland #255 An "AYRE" perfin single tied
to a scarce Ayre and Sons illustrated cover.
http://www.weeda.com/DutchImages/FullSize/Dutch-65.jpg

The Ayre's Newfoundland Stamp Booklets
24 June 1926 Black on pink cover with Ayre
and Sons advertisement on front.
Stapled. SG # SB 1
40c. booklet containing eight 1c. and sixteen 2c.
(Nos. 149/50) in blocks of 8 =A31,200.00
=20
I hope that this answers your question.

Blair Stannard