Tobacco Documents Online

I,YBRAND, RO S S BRO S. &MONTGOMERY CERTI FI ED PU B LIC ACCOU NTANTS NEWYORK ROCKFORD RESIDENT PARTNERS PHILADELPHIA ST.LOU1S LOUISVILLE WILLIAM M. LYBRAND 90 B R O A D S T R E E T e0 70N ATLANTA PRIOR SINCLAIR 1lALTIMORE DALLAS NORMAN J. LENHART N E W YO R K 4 WASHINGTON HOUSTON WALTER L.SCHAFFER PITTSBURGH SAN FRANCISCO CONRADB.TAYLOR DETROIT LO9ANOELES ALVIN R.JENNIN(3S CLEVELAND SEATTLE HERMON F BELL January 27, 1954 CINCINNATI TULSA CHRISTOPHER H.KNOLL - HILTON R. CAMPBELL LONDON PARIS EDWARD 6.CARSON WALTER R.STAUB PHILIP BARDES HARRY N.CASE JOHN C. POTTER • LOUIS H. RAPPAPORT HENRY C. ELFERS The Board of Directors, Philip Morris & Co. Ltd., Incorporated, 100 Park Avenue, New York 17, N. Y. Dear Sirs: We have reviewed the consolidated financial state- ments of Benson and Hedges and subsidiary companies included in the registration statement under the Securities Act of 1933 filed by Philip Morris & Co. ttd., Incorporated (S.E.C. File No. 2-10640). We also reviewed the scope of the examination of these financial statements made by Collins and Company, public accountants. The aforementioned financial statements include a balance sheet as of October 31, 1953, statements of earnings and earned surplus for the three years and ten months ended October 31, 1953, the supporting schedules required by Regulation S-X, and a summary statement of operations under the heading "Results of Operations". Our work did not constitute an audit of the consoli- dated financial statements of Benson and Hedges and subsidiary companies, but was limited to a review of the audit working papers prepared by Collins and Company, supplemented by explana- tions from Mr. Raymond E. Barth, C.P.A., a partner of that firm. On the basis of such review we report as follows: 1. In our opinion, the scope of the examina- tion of the aforementioned consolidated financial statements of Benson and Hedges and subsidiary companies, as reported upon by Collins and Company under date of December 7, 1953, included, in all material respects, such tests of the accounting records and such other auditing procedures as we would have considered necessary in the circumstances. 2. Nothing came to our attention which gave us reason to believe the aforementioned consolidated

The Board of Directors Philip Morris & Co. Ltd., Incorporated - 2 financial statements of Benson and Hedges and sub- sidiary companies are untrue, or that there is an omission to state a material fact required to be stated therein or necessary to make such statements not misleading. 3. Nothing came to our attention which gave us reason to believe that, in any material respect, the consolidated financial statements of Benson and Hedges and subsidiary companies previously referred to do not comply as to form with the pertinent requirements of the Securities Act of 1933 and the pertinent published rules, regulations, and instructions of the Securities and Exchange Commission. HNC