, 1921-12-12
ASSETS Of j. s.
SHIPPING BOARD
ARE PLACED At
THREE BILLIONS
Merchant Ships Owned
and Controlled Total
LAO With Large Per
Cent Tied Up. Report

WASHINGTON, Dec. IL.
Assets of the United States
shipping board and emerg-
ency fleet corporation as of
last June 80 are given as ST.
070,599,51S in the report of
the board for the fiscal year 1921.
made public today. Ships owned and
controlled numbered LAO on that date
and the number tied up was $50. rep
%resenting about IS per cent OF the to
tai tonnage.
In transmitting the report to con
gress. the present board. headed by
Albert d. Basker. says in a letter
dated December i:
1T will be noted that the shipping
hoard rs at present organized had
been in office during but a little more
than two weeks OF the total period
covered by this report. hence this re.
port covers non 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, 1891
about which time the present board
took office have been taken into &c.
count in compiling this report"
The principal item OF assets OF the
board rs given in "a consolidated bal.
ance sheet" IS s2.4os.s $50 oil expendi.
lures on purchases, construction and
re~condltionihE owned vessels avail.
able and in process" Plants and
property are listed ut sss.s0s. o37 and
construction OF an improvement TO
housing projects and transportation
facilities at s17.s7s. 7os. making total
capital assets" OF s2.5o5. 34T .25s.
Current assets include s34.047, s04
general cash on hand and S103, $50, 374
for material. supplies. etc. The re-
pert says there viii be considerable
.'shrinkage" in the following items Of
current assets:
Accounts receivable s234. $40, 4Of;
notes receivable SIS, 252 .e3s; advances
81 116,276 and investments in hous.
ing, ETC.. sS4.s55, 66s.
Appropriations received by the board
from congress and allotted from the
fund for national security and defense
total s3,310.170,575, according to the
balance sheet. Current liabilities are
placed at s12s. ess.s7s and capital la.
bIities at 81, 1904. 900.
Revenues received from the opera.
ton OF ships from the beginning of
the board to last juno 80 total ST.
<51 ,4bS 800 while expenses of operat.
ing h vessels are placed at s., 25o..
ss4.7oo. Revenues from sales of yes.
sells r given as s2s3. so7 .42s with the
cost of h vessels sold at 1927, es5,.
264.
A statement OF financial operations
for the fiscal year show receipts of
seoS.185.42o and disbursements of
$3.50 554.426. Receipts listed include
sos. s72 .486 from appropriations $685.
o7o,s51 from operations and S57,e72, 1s5
from 'sales". Disbursements include
1855. 1853 1853 for operating expenses,
s2+.7o4,217 for general expenses and
s11o, 37o.7s7 for "miscelianeous." Cash
on hand at the beginning of the year
was s11s.4ss. $40.
At the and of the fiscal year GOV.
cred by he report the total number of
ships delivered to the board was 2,.ss
OF 1889. q11 dead weight tons out of
a total program of 2,312 vessels 49,
e3e.711 ons This left "a ships under
construction, of which four were on
the avs and 20 Quitting. riost of
these have since been delivered.
Deliveries during the year numbered
21S of 1.737 $50 deadweight tong, while
vessels still In possession of purclras-
ers on June 80 numbered $50 of J.
s51 800 Vessels returned to the
board and the sales cancelled during
the year numbered 121 OF 6s6.619 dead.
weight tons Sales for the year in
Guided 81 tugs for S2.170.500 and Al
uncompieted wooden bulls for 81, Os3,-
542.
In the Il months the board author.
lied the transfer to foreign registry Of
so1 American craft of 202,2s3 gross
tons. Because of the unusual actIv-
tty in h 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