WE HEREBY CERTIFY that we examined the books of account and
record of NEW YORK & HONDURAS ROSARIO MINING COM¬
PANY—NEW YORK CITY, for the year ended December 31, 1931 and,
subject to the fact that we did not examine the records at the mine office in
Honduras, it is our opinion that the annexed Balance Sheet shows the
financial condition of the Company at December 31, 1931, and that the
related Income and Profit and Loss Statement is correct.

ERNST & ERNST.