MONTREAL TORONTO. HAMILTON ARTHUR YOUNG CLARKSON GORDON & CO.
LONDON .WINNIPEG, REGINA ACCOUNTANTS AND AUDITORS

CALGARY, VANCOUVER OFFICES IN PRINCIPAL CITIES OF USA

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AUDITORS' REPORT

To the Shareholders of
Cassiar Asbestos Corporation Limited:

We have examined the balance sheet of Cassiar Asbestos Corporation
Limited as at September 30, 1956 and the statements of operations and earned
surplus for the year ended on that date and have obtained all the information and
explanations we have required. Our examination included a general review of the
accounting procedures and such tests of accounting records and other supporting
evidence as we considered necessary in the circumstances.

In our opinion the accompanying balance sheet and statements of
operations and earned surplus are properly drawn up so as to exhibit a true and
correct view of the state of affairs of the company as at September 30, 1956 and
the results of its operations for the year ended on that date, according to the

best of our information and the explanations given to us and as shown by the books

of the company. , iy

Toronto, Canada,

December 11, 1956. Chartered Accountants.

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