stefansson-wrangel-09-36-049-002

THE STEFANSSON ARCTIC EXPLORATION AND DEVELOPMENT CO. LTD.

BALANCE SHEET

As at 31st October 1923.

ASSETS
V. Stefansson		$ 953.70
Union Bank of Canada - Current Account		181.34
Profit and Loas Account:-
Balance at 30th June 1922	$ 24,935.18
"Teddy Bear" Charter	1,222.95
Harold Noice Expedition	13,336.33
General Expense and Salaries	4,275.38
Interest, Discount and Exchange	171.91
Bad Debts	1,723.98
		45,665.73
		$ 46,800.77

LIABILITIES
Capital:-
Authorised, 1,000 Shares of $100.00 each	$ 100.000.00
Issued, 249 Shares fully paid in Cash		$ 24,900.00
Advances and Loans:-
Griffith Brewer	$ 11,000.00
Department of the Interior, Ottawa	3,000.00
Dr. Geo. M. Jennings	1,104.17
Sir Edmund Walker	536.00
		15,640.17
Sundry Creditors:-
Salaries Outstanding	$ 2,310.00
Received on account of Shares not yet issued	900.00
Sundry Accounts	3,050.60
		6,260.60
		$ 46,800.77

We have examined the Accounts of the Stefansson Arctic
Exploration and Development Company Limited, from the 30th June 1922 to 31st
October 1923 and we hereby certify that the foregoing Balance Sheet is, in our
opinion, properly drawn up so as to exhibit a true and correct view of the state
of the Company's affairs as at 31st October 1923 according to the best of our
information and the explanations given to us and as shown by the Books of the
Company.

Vancouver, B. C.
30th November 1923.

Buttar + Chiene

Chartered Accountants.