New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-04-18
Receiver Reports That To-
tai Income. Including
January, Is S45, 1884, 234.
OPERATION EXPENSES
HEAVY LAST YEAR
Two Vessels Overhauled 10 Com.
ply with Provisions of
Seamen's Act.

In 8 report on the condition of the
International Mercantile Marine Com
pany filed IN the Federal Cour. yester-
day p A. 5. Franklin. receiver. gave
the total earnings Of the receivership
properties and those OF subsidiary COM
psnies and the Leyland Line. for 1915
and for January as Ss59S2,234 The
income account he divided as follows;
international Mercantile Marine Com
psny and subsidiaries, 1915, s27,26i,-
sac; for January. S2.5l0626; F. Ley
land & Co. 1915. sl4.l94.e22; for Jsnu-
airy. S20l@s26. From these earnings.
the receiver said. must be deducted
bond interest. depreciation. British war
tax and income taxes and certain other
items. including extraordinary repairs,
pending the preparation Of annual ac-
counts for 1915.
IN view OF the increased demand for
freight tonnage Mr.. Franklin an
nounced tina. arrangements have been
made for the early completion a,
cargo carrier only OF the steamship
Belgenlsnd. now under construction by
Harland & Wolf. Limited. OF Belfast
II is intended 10 operate this liner in
the New York-Liverpool service.
Complies with Seamen's Act.
Mr.. Franklin's report also stated
that the Philadelphia and the 81. Louis
have been overhauled and reeuuipped
at heavy cost to comply with the re-
Quirements Of the seamen's act. The
st. Paul. now IN this port, also is being
overhaulcd
As trustee under the AZ per cen.
mortgage OF the com pary. Mr. Franklin
said the New York Trust Company had
collected upward OF 100000. OF which
approximately s5.000.0O0 consisted OF
moneys received in dividends and in
terest payments on stocks and securi
ties subject 20 the mortgage. Regard
ing the operation OF the steamships,
the receivers report said:
THE situation with respect 20 for
ign trade has been such tina, the
earnings % the receivcrship properties
have been very satisfactory. All Of
the vessel property has been kept in
good repair and has been operated
without any serious accident.
Operation Cost Higher.
"The cost Of operation both sfost
and ashore has. however. constantly in
creased on account Of the increase in
wages. particularly those OF the crews
Of steamers which pass through tho
war zone. but elso on account OF the
very material increase IN the cost or
all supplies and repairs"
The report stated further that the
situation caused By the closing Of the
Panama Canal in September involved
heavy expenses and loss Of valuable
time 20 the Kroonland and Finland.
then in the Pacific service, but now en-
ployed proftably IN the North Allan
tic trade. The resumption Of the Pan
ama-Pacifc service was not desirable
A. this time. in the opinion OF the re-
ceiver.
The receiver said he Ind entered
into q contract for petroleum fuel sup
ply for a period Of five years for the
Kroonlsnd and tho Finland and two
other vessels. should he operate them
az oil burners. In October. 1915. Mr..
Franklin rendered 90 the Postmaster
General q bid for esstbound ocean mail
service by the New York. the Philadel-
phia. the s.. Louis and the ST. Paul az
approximately $4,000 voyage. This
offer was accepted The port OF Liver
pool has been temporarily substituted
for Southampton. Plymouth and Cher
bourg as delivery station.