Viewing page 4 of 27

This transcription has been completed. Contact us with corrections.

CONCLUSION

Despite the difficulties entailed by the long drawn-out Board procedures, your management is, more than ever before, convinced that the fortitude of our stockholders, management and friends in "seeing this venture through" will amply repay all for their efforts. It was forcefully brought to notice at the bosting hearings in March that IAF's route ranks [[underline]] first in the world [[/underline]] in population density, there being an average of over 70,000 people per mile on our route.

Respectfully submitted,

[[signature]]

Frederick H. Smith
President

CERTIFICATE OF CERTIFIED PUBLIC ACCOUNTS

To the Directors of
Island Air Ferries, Inc.:

We have made an examination of the balance sheet of the Island Air Ferries, Inc., as at December 21, 1948 and of the statement of profit and loss for the year ended December 31, 1948.

Our examination was restricted to a verification of the bank balances and notes payable and a review of the accounts in the general ledger. The statements submitted herewith are based on the examination as outlined hereinbefore.

Very truly yours,

/s/ Bacas, Gates & Potter

New York, N.Y.
March 3, 1949