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also can be utilized. Certification by the Civil Aeronautics Board contributes decisively to the financial prospects of the company, and at long last, makes possible the implementation of the first purpose for which the company was formed. When this balance of stock is offered for sale, purchasers should realize that the speculative element is still present. In considering the merits of the offering, however, comparison should be made between the potential value of your company's Common Stock and that of offerings of other companies engaged in a similar endeavor.
CONCLUSION
Island Air Ferries, Inc. intends to service its route area with an exemplary air transport system. The quality of the area served and its phenomenal growth since the company's formation doubly assures us that our original concept was sound. We expect the difficulties and problems ever present in the development of any new enterprise; we also expect that the preparations made in anticipation will benefit, in a real sense, the stockholders of the corporation.
The Management and the Board of Directors wish to express to the stockholders their appreciation for their loyal support during a most difficult period.
Respectfully submitted,
[[signature]] Murray Hawley [[/signature]]
President
CERTIFICATE OF CERTIFIED PUBLIC ACCOUNTANTS
To the Stockholders of Island Air Ferries, Inc.:
We have made an examination of the balance sheet of the Island Air Ferries, Inc., as at December 31, 1947 and of the statement of profit and loss for the year ended December 31, 1947. In connection therewith, we examined or tested accounting data of the company and obtained information and explanations from officers of the company, but we did not make a detailed audit of the transactions.
In our opinion, the accompanying balance sheet and related statement of profit and loss, present fairly the position of Island Air Ferries, Inc., at December 31, 1947 and the results of its operations for the year then ended.
BACAS, GATES & POTTER
By Paul E. Bacas
New York, N.Y.
March 15, 1948