ifV' BIDEFORD, P. E. ISLAND . Mi To the Shareholders of the . W. B. Hayes Silver Black Fox Company Limited- Enclosed you will find cheque for your dividend of two percent. Your Directors expected to pay a dividend of four or five .percent much earlier in the season, but as some of the accounts due us are hard to collect, they decided to pay only two percent now- to wait till the amount due us is collected would leave it rather late. $1200 of amount due us is for foxes sold in 1916, and the remaining $1400 is a claim against the Dominion Express Company for insurance on seven pelts we shipped to New York that never reached their destination. We hope to collect these amounts soon and will probably pay another dividend later in the summer. We also have one pell iinfliOBdpn unsold. The $1250 referred to in our Liabilities is due to be paid according to agreement shown in our last Annual Report, that is : The price of two foxes or their pelts per year till the bill is paid; last fall we paid $250 which was the price received for' one fox; the cost of the ranch was $1500. During the year-your Directors erected a building for pups or fattening foxes, containing twelve pens; the building has a pitch roof over ail to shade the foxes. The Caretaker reports having seen the 44 pups re¬ ferred to in the assets. The annual shareholders' meeting will be held on Thurs¬ day, June 27th. There will be no statement sent to the share¬ holders after the meeting as the statement annexed shows all business for the year. ■ ■■• Yours truly, R. C. HAYES , Secretary ..-';. Letter to the Shareholders of the W.B. Hayes Silver Black Fox Company Limited dated May 20, IQl8. —FROM PAULINE MILLAR COLLECTION 50 Roots & Branches