EXHIBIT 24.(v)


                 [LETTERHEAD OF PRICE WATERHOUSE APPEARS HERE]

1 May 1995

To The Board of Directors
West March
Diversity
Northants
NN1 4SA



Dear Sirs,

We have audited the balance sheet of California Pellet Mill Europe Limited ("The
Company") as of 31 December 1994, and the related profit and loss account and 
statements of changes in cash flows and changes to shareholders' equity for the 
year ended 31 December 1994, all expressed in pounds sterling and prepared on 
the basis set forth in the financial statements (not separately presented 
herein). These financial statements are the responsibility of the Company's 
management. Our responsibility is to express an opinion on these financial 
statements based on our audit.

We conduced our audit in accordance with United States generally accepted 
auditing standards. These standards require that we plan and perform the audit 
to obtain reasonable assurance about whether the financial statements are free 
of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit 
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statements 
presentation. We believe that our audits provide a reasonable basis for our 
opinion.

In our opinion, the financial statements referred to above present fairly, in 
all material respects, the financial position of the Company at 31 December 1994
and the results of the Company's operations and its cash flows for the year 
ended 31 December 1994 in conformity with generally accepted accounting 
principles in the United Kingdom.

Yours faithfully,

/s/ Price Waterhouse

PRICE WATERHOUSE                                                    1 May 1995