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SIGNATURE RICK REARDON
TITLE REPORTING ADMINISTRR
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<DESRIPTION>Independent Auditors Report on Internal Accounting Control
Board of Directors
W.P. Stewart & Co. Growth Fund, Inc.
In planning and performing our audit of the financial statements
of W.P. Stewart & Co. Growth Fund, Inc. for the year ended December 31,
1997, we considered its internal control structure, including controls
for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR, not to
provide assurance on internal control.
The management of W.P. Stewart & Co. Growth Fund, Inc. is
responsible for establishing and maintaining internal control. In
fulfilling this responsibility, estimates and judgments by management
are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to
the entitys objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding of
assets against unauthorized acquisition, use, or disposition.
Because of inherent limitations in any internal control, errors or
irregularities may occur and may not be detected. Also, projection of
any evaluation of internal control to future periods is subject to the
risk that it may become inadequate because of changes in conditions or
that the effectiveness of the design and operation may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute of
Certified Public Accountants. A material weakness is a condition in
which the design or operation of any specific internal control component
does not reduce to a relatively low level the risk that errors or
irregularities in amounts that would be material in relation to the
financial statements being audited may occur and not be detected within
a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving internal
control, including controls over safeguarding securities, that we
consider to be material weaknesses as defined above as of December 31,
1997.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
LOPEZ, EDWARDS, FRANK & CO., LLP
New York, New York
February 13, 1998
