Halifax Saint John Quebec Monireal Ottawa

G Z G he Toronto Hamilton Kitchener London Windsor
blo. SON, Gordon Te 0. Port Arthur Fort William Winnipeg Regina
Calgary Edmonton Vancouver Victoria

handercd Lvonnlonts Arthur Young, Clarkson, Gordon & Co.
United States—Brazil

15 Wellington Street West, Toronto 1, Canada Telephone 368-2751 (Area Code 416)

AUDITORS ' REPORT

To the Shareholders of
Cassiar Asbestos Corporation Limited:

We have examined the consolidated balance sheet of Cassiar Asbestos
Corporation limited and its subsidiary as at December 31, 1967 and the statements
of consolidated operations and earned surplus and statement of consolidated source
and application of funds for the year then ended. 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, these consolidated financial statements present fairly
the financial position of the companies as at December 31, 1967 and the results of
their operations and the source and application of their funds for the year then,
ended, in accordance with generally accepted accounting principles applied on a basis

consistent with that of the preceding year.

_ Behe) Clb, Me
Toronto, Canada, ,

March 12, 1968. Chartered Accountants

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