Norwich bulletin., 1920-12-11
\ "BALANCE SHEET" MADE
 PUBLIC BY SHIPPING BOARD

Washington, Dec. 10-The Shipping Board made public tonight "consolidat- ed balance sheet as of June 30, 1920, giving financial transactions of the board and the Emergency Fleet Corporation from their inception in 1917 to that date. It showed total liabilities of $9,537,3S0,- 726 and assets of the same amount, and it was the first complete financial state- ment to be issued by the federal agen- cies which built the great government owned merchant marine.
 The board apparently did not under take to show the total amount which had been expended and fiscal officials, when asked as to this amount said it could not be computed with any degree of accuracy, because of the system of ac- counting in use in the early days Of the board.
 The liabilities given in the "consoli- dated balance sheet" as made public m clude appropriations by congress of S3,- 213.2171I0; reserves of $735,618,31S and other liabilities of more than $1O0,- O0o,0OO the whole totalling s4,O50,7 46,- S66. The total liabilities of $3,537,3So,- 726 represented the difference between the S4000, ,000, 900 total and the excess or expenses over revenues from operations, sales and the like, which was placed at $513,336,1 ,139.
 In it's capital assets the board listed the vessels owned at $2,670, ,6l2,755, this sum representing expenditures from con struction, purchases and recondltonlng' The value of ship yards property ana equipment fuel oil stations. real estate and buildings, automobiles. launches and the like was placed at $15S,S95,24S Elk penditures for construction of and i'm provements to. housing projects and transportation facilities were given a; $69 ,004,9T7. It was explained that al of these figures represented war costs and not the present value.
 Current assets listed in the balance sheet included accounts receivable 0 S2s5, 5,792,550; general cash and cash funt Ss6,547,951; investments $S0,9l7,5S7 notes receivable $70,24S,537 and mate rials, supplies, ship stores and the lik S14S, ,4o0,2s7.
 On the actual operation of its grea l fleet the board claimed a gross revenu 1 of s440,549, ,001 i; tn erevenues from voy ages being placed al $76S,077,700 whil | voyage expenses were only $32S, S,527,99s l Maintenance, insurance. refrigeration an ] other expenses however, more than at l of these excess revenues.
 l Depreciation of the value of the flee itself was estimated at $209, 465,S23; in
 surance at s140,393,52S and maintenance at $ss,321,576.
 In a supplemental statement, Comptro ! Ter Tweedale said that the total of $51S ;. S68,139 representing the excess of es l penses Of operations and over revenue | was not to be construed as loss H l explained that it contained expenditure I amounting. to s1D3,s70,99S made. for tt l account of the army. and navy depar 1 nents and not yet returned to the boar
 To this, he said. was to be added $50 II 24O,s64 in undistributed constructio I charges and $5s,7S0.46o of net reyenr
 in the books of the agents of the Fine
 gency Fleet Corporation. He also sai
 that reserves for depreciation on vessel
 insurance on vessels lost and other acc
 dents amounting to $SsO,6S0,351 were (
 hand.