hem, and it is probable that the
greater part of this sum has been refunded and charged through
various departments to other accounts.

The pay-roll fund represents unclaimed wages and has been agreed
with a detailed list submitted to us.

Disbursements.

Properly approved vouchers have been produced to us for all
disbursements except as regards two payments aggregating
$252.45, the vouchers for which have, we understand, been
mislaid.

The only items calling for special comment are, we think, the
following:

Special Installation of Exhibits.

This sum represents the purchase price of the whole of the
capital stock of the General Service Company, which held a
concession for hauling and storage. From a balance sheet of that
company, recently prepared, it would appear that the amount to
be realized by the Exposition Company in respect of this
investment will be about $104,000. We are advised by the
president that in spite of the apparent loss of $21,000
involved, this transaction is regarded by the Exposition Company
as an advantageous one, inasmuch as, at the time it was
effected, there were serious controversies and substantial
claims in question between the two companies, and by the
purchase these claims were, of course, completely disposed of;
and, moreover, the installation of exhibits was much expedited
and serious inconvenience to exhibitors avoided.

Money Advanced.

The principal item included under this head is an amount of
$152,000 advanced to the emergency exploitation committee from
time to time to meet the expenses incurred by that committee.
Practically the whole of this amount has been expended, but up
to the date of our audit vouchers for the expenditures had not
been turned in by the committee or put through the general books
of the company. We understand that this is now being done.

Board of Lady Managers.

Included under this head is the full amount of $100,000
appropriated for the board out of the Government loan of
$4,600,000. This sum was paid by the company into a special
account, subject to the order of the board, and no details as to
the disbursement thereof appear on the books, owing, as we are
informed, to the fact that no report of such disbursements has
yet been made by the board to the Exposition Company.