Daily Kennebec journal., 1921-12-12
Shipping Board
and Fleet Corporation
Review Years Work

V44NA y INV N<SA ~ - S@OA>
Review Years Work
(Abstract Of Annual Report Of U. s.
Shipping Board)
Washington, Dec. 11-Assets Of the
United States Shipping Board and
Emergency Fleet Corporation as Of
last June 30 are given as s3,o70,599.-
SIS in the report of the Board for the
fiscal year 1921. made public today.
Ships owned and controlled num-
bered l74o on that date and the num-
Der tied up was ss7, representing
about 4s per cent OF the total ton
mage.
In transmitting the report to con-
gress. the present board. headed by
Albert D. Laskcr, says in a letter
dated December 1st:
ut will be noted that the shipping
board as at present organized had
been in ONCE during but little more
than two weeks of the total period
covered by this report, hence this
report covers none Of the activities Of
the present board. The report has
been prepared by employees of the old
board. covering the years work of
that board and many OF the policies
referred to are not the policies Of the
present shipping board or have been
modified to a considerable extent. No
events occurring after June 80, 1921
(about which time the present board
took office) have been taken into ac-
count in compiling this report"
The principal item of assets of the
board as given IN "a consolidated
balance sheet" is s2.4os,s ,sso,511 for
expenditures on purchases, construc-
ton and reconditioning owned YES
sells available and in process" Plants
and property are listed at SIS. sos, ,oS7'
and construction of an Improvement
to housing projects and transporta
ton facilities at s17,sTs.70s. making
total capital assets" Of s2.5o5.s47,-
e5s
Current assets include S34.047. 204
general cash on hand and $1o2,seo,374
for material. supplies. etc. The re-
port says there will be considerab bio
"shrinkace" in the following items OF
current assets:
Accounts receivable s234,320,4o1;
notes receivable $7s,e5o,239; advances
s31,11e.27s and investments in hous-
ing, etc, ss4.s55, ,e63.
Appropriations received by the
board from congress and allotted from
the fund for national security and
defense total s3.31o,170,57s. according
to the balance sheet. Curgent liabili-
ties are placed at s123.993.S73 and
capital liabilities at s2.504,000
Revenues received from the opera
ton of ships from the beginning of
the board to last June 80 total
,4s1,45S,904, while expenses of oper-
ating the vessels are placed at ST.
a50.sS4,700. Revenues from sales of
vessels are given as s293, ,907.42 with
the cost Of the vessels sold as s321,-
965,o64
A statement OF financial operations
for the fiscal year, show receipts OF
s6o2135.420 and disbursements Of
Ss90,554,426. Receipts listed include
s105,s72.435 from appropriations.
1855. 5.o70.S31 from operations and ST.
e72,1s5 from sales" Disbursements
include sSS5.Ss9.953 for operating ex-
penscs, s24,704.217 for general ex-
pcnses and s110.37O,7S7 for mis-
cellaneous." Cash on hand at the
beginning OF the year was s116-
46G.31o.
Az tho opJ of Tho feo,I ,.aar oavored
by the report the total number Of
ships delivered to the board was
22SS of 13,S59,911 dead weight tons
ont of total program Of 1912 vessels
of 13.63s,711 tons. This left "a ships
under construction, Of which four
were on the ways and 90 outftting
Most of these have since been deliv-
cred.
Deliveries during the year num-
bered 21s of 1,737,550 dead weight
tons, while vessels still in possession
of purchasers on June 80 numbered
$50 Of 1.S51,902 tons. Vessels re-
turned to the board and the sales
cancelled during the year numbered
121 of eS6,619 dead weight tons.
Sales for the year included 81 tugs
for s2,170,5o0 and Al uncompleted
wooden hulIs for $2.0s3,542.
In the twelve months the board au-
thorized the transfer to foreign regis
try of 401 American craft of 202,2
gross tons. Because of tho unusual
activity in the oil trade in Mexico. the
report says, the board authorized the
transfer of 113 vessels. mostly barges
and small craft to Mexican registry.
Despite falling freight rates and
other causes which contributed to the
laying up Of more than half Of the
government feet, the board says it
was able to extend trade routes and
that in the year 3as per cent OF the
nations ss.91o.o00,oo foreign trade
was carried in American bottoms.
This compares with 42.7 in 1920 and
(A7 per cent in the year before the
world war.
On June 30. the report continues.
the board had a total OF 40 general
cargo berths, of which 393 We're be-
tween the United States and foreign
ports and coastwise service in the
United States and II between foreign
ports. Ships engaged in service to
Europe number 306. to Africa is. in
trans-Pacific IS. South America 49,
West Indies and Caribbean 3s. and
foreign ports to foreign ports IS.
Important steps for the develop
1T yrS