he sale of $239,000 souvenir gold coin, in
consideration of the sum of $600,000, with a provision that when
the trustees should have received the full sum of $600,000,
together with interest at the rate of 6 per cent per annum and
expenses of collection and management, they would reassign the
subscriptions and rights to the company.

Prior to the completion of the loan there was received by the
company from the sources assigned upwards of $162,000, and this
amount was deducted from the loan, making the net amount
received by the company $438,000. Payments were subsequently
made on account of this loan out of the receipts from the
above-mentioned sources, and on March 15, 1904, the balance then
outstanding of $92,515.25 was paid out of the general funds of
the company, in anticipation of receipts from the sources
assigned and with a view to effecting a saving of interest
charges.

It should be added that the subsequent receipts from capital
stock subscriptions have amounted to more than the amount
temporarily advanced out of the general funds of the company.

Admissions.

We have agreed the figures of receipts shown by the books of the
auditor and the treasurer with those of the admissions
department.

We have agreed the receipts from sales of tickets with the
ticket custodian's record, and have verified the tickets
appearing on that record as unsold. We have also satisfied
ourselves that the system in the admissions department was such
as to provide adequate safeguards for the collection by the
company of the admissions receipts derived from other sources.

It would appear that the total loss of the company in this
department through shortages of employees, counterfeit and
mutilated coins, etc., amounted to about $1,250, about one-third
of which is probably recoverable from the bonding company, so
that the final loss to the exposition will be very small.

The total receipts for admissions are distributed as follows:

Exposition period:
Admissions of individuals ................ $6,042,746.65
Vehicles ................................. 5,671.50
-------------
$6,048,418.15
Pre-exposition period .....................................
175,906.25
Post-exposition period ..............