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<PAGE> PAGE 9
SIGNATURE CHRIS JACOVIDES
TITLE REPORTING ADMINISTRR
<TABLE> <S> <C>
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<CIK> 0000914389
<NAME> W.P. STEWART & CO. GROWTH FUND, INC.
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[DESCRIPTION]
Vote of Securities Holders
3. Related Party Agreements and Other Transactions with Affiliates
At the Annual Meeting of Shareholders of the Fund held on October 28,
1998 (the Meeting), Shareholders approved a proposed Investment
Advisory Services Agreement (the New Advisory Agreement) between the
Fund and W.P. Stewart & Co., Inc. (the Current Adviser), effective
immediately. Shareholders also ratified the payment of advisory fees to
the Current Adviser and its predecessors (collectively, the Adviser)
for the period from January 12, 1996 through October 28, 1998. The
following numbers of votes were cast for and against (or withheld as the
case may be) and abstained with respect to the following proposals at
the Meeting; (i) to approve the New Advisory Agreement (131,304 FOR, 588
AGAINST, and 4,018 ABSTAIN); (ii) to ratify the payment of advisory fees
by the Fund to the Adviser for the period from January 12, 1996 through
October 28, 1998 (125,347 FOR, 4,222 AGAINST, and 6,342 ABSTAIN); (iii)
to elect the following seven directors; Antoine Bernheim, June Eichbaum,
Robert L. Schwartz, William Talcott May, Marilyn G. Breslow, Thomas R.
LeViness and David J. Winkler, to hold office until their successors are
duly elected and qualified (each nominee received 131,556 votes FOR and
4,356 votes WITHHELD); and (iv) to ratify the selection of Lopez Edwards
Frank & Co., LLP as the Funds independent accountants for the fiscal
year ending December 31, 1998 (128,916 FOR, 1,449 AGAINST, and 5,547
ABSTAIN).
[DESCRIPTION]
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, 1998,
we considered its internal control, including control activities 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 the internal
control.
The management of W.P. Stewart & Co. Growth Fund, Inc. is
responsible for establishing and maintaining an 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 entity's
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, error or
fraud may occur and 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 one or more of the internal control components does not reduce to
a relatively low level the risk that misstatements caused by error or fraud 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 and its operation, including controls
for safeguarding securities, that we consider to be material weaknesses as
defined above as of December 31, 1998.
This report is intended solely for the information and use of
management, the Board of Directors of W.P. Stewart & Co. Growth Fund, Inc.,
and the Securities and Exchange Commission.
New York, New York
February 19, 1999
