The Birmingham age-herald., 1920-12-11
SHIPPING BOARDS BALANCE SHEET IS
 ISSUED YESTERDAY
First Complete Financial State ment Is Made Public By Agencies Which Built
 Merchant Marine
By Associated Press


 Washington, December 10.-The ship ping board made public tonight con solidated balance sheet as of June 30, 1S0o,' giving financial transactions of the board and the emergency fleet corpora tion from their inception in 1917 to that date. It showed total liabilities of sS,- sS7 0,726. A and assets of the same amout, and it was the first complete financial statement to be issued by the federal agencies which built the great government owned merchant marine.
 The board apparently did not undertake 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 ac- curacy because of the system of &C., counting in use in the days of the board. The liabilities given in the "consoli- dated balance sheet" as made public, in- cluded appropriations by Congress of $3,- E3. .217, ,110 reserves" of $735, SIS, ,316 and other liabilities of more than S100 coo, ,000, the whole totalling $,050, ,746, S66. The total liabilities of $3,557, ,3S0, ,726 represented the difference between the &0o0, 000,0 ,000 total and the excess of expenses over revenues from operations, sales and the like, which was placed at $5l5,S6,139.
 REVENUES RECEIVED
 Revenues from operations, sales of ships, etc, were given as $114S, BPS 155, and expenses at 1862, ,294, ,294 Revenues from operating vessels were $S17, ,27l ,541, and expenses of the operating S1002, ,396,- 579, the apparent net loss from operation being $185, ,125, ,037.
 Vessels sold brought $2s6, ,515, ,S44 while they cost the board $339, ,0S3,676, making the total loss on these transactions $9,- 5eS, ,S3l.
 In it's capital assets the board listed the vessels owned at $267o, 6l2,755. this sum representing expenditures for construc- tion, purchases and reconditioning. The value of ship yards, property and equip ment, fuel oil stations, real estate and buildings, automobiles, launches and the like was placed at $15S, ,S95, ,243. EXpendi- lures for construction of and improve ments to housing projects and transpor- tation facilities were given as $69, ,604 90. It was explained that all of these figures represented war costs and not the pres ent value.
 Current assets listed in the balance sheet included accounts receivable of s29S, ,792, ,55S; general cash and cash fund, s96 547, ,951; investments, 80, ,5S7; notes receivable, SC, ,24S537, and materials, sup plies, ship stores and the like, $l4S, ,4o0, ,2y7.
 GROSS REVENUE
 Of the actual operation of it's great fleet the board claimed a gross revenue of 40,54a,0O1, the revenues from voyages being placed at $76S.077 700. while voy- age expenses were only S32S, ,527 .s9a Mars tenanee insurance, depreciation and other expenses, however, more than ate up these excess revenues.
 Uuder the head of shrinkage due to ap- praisals the board showed total loss of $9S, ,03S 507 on materials of all kinds, while the loss on contract cancellations was placed at s1o5 ,17e,811.
 Depreciation of the value of the fleet itself was estimated at s209 ,465, 323; in- surance at $40, ,3s3,52s, and maintenance at $86, ,321 ,576.
 In d supplemental statement Comp troller Tweedale said that the total or s513,S66 139 representing the excess of ap- propriations over revenues was not to be construed as a loss. He explained that it contained expenditures amounting to s105 670 993 made for the account of the army and navy departments, and not yet returned to the board. To this, he said, was to be added $50, 240,964 in undistrlb- uted construction charges and S59, 1S0, 460 of net revenue in the books of the agents of the emergency fleet corporation. He also said that reserve Tor depreciation on vessels, insurance of vessels lost and other accidents amounting to SS36, ,S3O, ,S5l were on hand. His statement also 1n- cluded other minor items and said that ss 263 S09 represented "a more definite re- Election of the outcome of all transac- tions," as of last June 90, taking into consideration all of the transactions shown on the books and those In pro- cess"