ELLERSLIE, ID , July 5th, 1917 To the Shareholders of the Pioneer Fox Farming Company Limited : The Seventh Annual Meeting of the shareholders of the Pioneer Fox Farming Company Limited was held in the hall at Ellerslie on June 23rd last, notice having been given to all- shareholders in the last Annual Report. "> - Since our last Annual Meeting your Directors sold four pairs of foxes for the sum of $2,625.00 of which we have received $2,050.00. We killed sev.m foxes last winter and put their pelts on the market: from the sale of these pelts we received $484.38, (four of these pelts have not vet been sold). Early hist autumn we lost four of our foxes, one bv sickness and three by accident. Since our last Annual Meeting the First National Fox Exchange issued a writ against the Company for $1,525.00 with interest, and got judgement against us for the full amount and costs. Mr. Hicks still owes us a large amount of money and it is the intention of the Directors to have this account wiped off the books before our next Annual Meeting. During the last year we issued $18,000.00 worth of stock for which we received a note held against the Company for the sum of $7,700.00. It was decided at our meeting to"give the President the contract for feeding and caring for the foxes on the same basis as last year, which was eighty dollars per pair. It was also decided to sell to any shareholder not more than ten foxes for stock in the Company at the CaDitalized rate of $4,400.00 per fox. Our next Annual Meeting will be held on thp last Mnnrlnv in June, 1918. This is the only notice you will received of this meeting. The same Board of Directors woro ro-Aior-tod Financial statement of the Pioneer Fox Farming Company Limited dated July 5, I9I7. —FROM PAULINE MILLAR COLLECTION 48 Roots & Branches