The President replies

1)	As the Accountant/Company Secretary, Stephen Underwood is paid a salary determined by the Board along with all other wages and salaries paid to employees of Victoria Book Centre Ltd. He is not paid on an hourly rate.
2)	Stephen Underwood, as is the case for all the directors who serve (being the operative word) on the Board of the Bookcentre, receives no fee. The directors, however, are entitled to staff buying privileges i.e. they can buy books at a slightly cheaper rate. To [unclear: mu] knowledge most of the directors very rarely take advantage of this.
3)	Neither Victoria Bookcentre nor the Students Associaiton has lent a single dollar to Stephen Underwood.
4)	Presently there is only one student working on a very part-time basis for the bookshop., and she is paid in accordance with award rates.
5)	The only costs incurred by the Students Association were plane fares, transport to and from the airport, plus accommodation costs. All other costs were borne by the individual members of the delegation.

The Association did not recently write off a large loan to a student. To protect its members interests the Association has very strict terms for each loan, and never writes off a loan if it is humanly possible to recover the debt. We have never lent more than $500 to any one student.

All loans made by this Association are in strict confidence, thus I cannot reveal the names of such persons.

I hope this is a satisfactory reply to your questions. If you have any further queries please do not hesitate to contact me or raise these questions at SRC.