The New York herald., 1921-12-12
ship BOARD REVIEWS
FISCAL YEARS WORK.
On June 30 Controlled or
Owned LAO Vessels,
987 Being Tied Up.
CHANGES MADE SINCE
Assets S3,O70,599,518, but
There Is Shrinkage i'm
Numerous Items.
IMPORTANT STEPS TAKEN
Showing Represents Only Two
Weeks Of Present Boards
Incumbency.
CHANGES MADE SINCE
IMPORTANT STEPS TAKEN

WASHINGTON, Dec. 1i.--Assets of
the United States Shipping Board and
Emergency Fleet Corporation as OF
last June 80 are given as sS,o70, $780,
5lS in the report Of the board for the
fiscal year 1921, made public to-day
Ships owned and controlled numbered
1,740 on that date and the number tied
UP was 9S7, representing about Is per
cent of the total tonnage.
In transmitting the report to Con-
gress, the present board, headed by
Albert d. Lasker, says in letter
dated December L:
ut will be noted that the Shipping
Board as at present organized had been
IN office 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 Juno
20. 1921 (about which time the present
board took office have been taken
into account in compiling this report"
The principal item Of assets of the
board as given in "a consolidated ball
ance sheet" is $2.403, ,660.5I1 for expendi-
lures on purchases, construction and re-
conditioning owned vessels available
and in process" Plants and property
are listed at $50, SoS.o37 and construction
OF an Improvement to housing projects
and transportation facilities at s17,S7s,-
TES, making total capital assets" OF
s2606, 347.25S
ShrinIrage in Assets Predicted.
Current assets include ss4,0 ,so4 gem
eral cash on hand and s102 $50, ,S74 for
material. supplies, &c. The report says
there will be considerable "shrinkage"
tn the following items of current assets:
Accounts receivable. $2s4, S20, ,401; notes
receivable. sVS252. 239; advances, $31, ZIG,
276, and investments in housing &C.,
$Si,655.663.
Appropriations received by the board
from Congress and allotted from the
fund for national security and defence
total $3,Sl0,170576. according to the ball
ence sheet. Current liabilities are placed
at $l23.993,S79 and capital liabilities at
s2,5oi.0Oo
Revenues received from the operation
OF ships from the beginning of the board
TO last June 80 total 81, ,46l, ASS, ,so4. while
expenses of operating the vessels are
placed at $3.50, 100. Revenues from
sa&es of vessels arc given as $3.50. .907, ,429,
With the cost OF the vessels sold as
Ss27, ,9e5, ,264.
A statement of financial operations
for the fiscal year show receipts of $685.
fs5,420 and disbursements of $500 Sd 426.
Receipts listed include $lo5, ,S72, 435 from
appropriations. s355.o70,S31 from opera
tions and S57.672. 1856 from "sales." Dis
bursements include $SS5, so, 1853 for oper-
eting expenses. s2i.704,217 for general ex-
penses and s1l0,37o,7s7 for "miscella-
neous" Cash on hand at the beginning
of the year was SIG, 466,31Q
At the end of the fiscal year covered
By the report the total number of ships
delivered to the board was 2,2SS of 13, ,359,-
81 dead weight tons out of a total pro-
gramme or 2,3l2 vessels of 13636,711 TONS
This left twenty-four ships under con-
struction, OF which four were on the
ways and twenty outfitting. Most of
these have since been delivered
Deliveries during the year numbered
21s of 1,737.550 deadweight tons. while
NGSstlS SlllI IOSSeSStOn Oh purchasers
on June 30 numbered $50 of I.S5l.9o2
tons. Vessels returned 10 the board and
the sales cancelled during the year num-
bered 121 of s66,619 dead weight tons.
Sales for the year included 81 igs for
S2,i10.500 and Al unconpleted wooden
hulls for s2.o63,542.
Transfers to Mexican Registry.
In the twelve months the board au-
thorized the transfer TO foreign registry
OF 401 American craft Of 202, ,2s3 gross
tons. Because of the 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
fleet, the board says IL was able to ex-
tend trade routes. and that In the year
1913 per cent. Of the nations $500. .000.-
600 foreign trade was carried In Amer
lean bottoms. This compares with 42.7
IN 1890 and e.7 per cent In the year
before the world war.
On June 80, the report continues. the
board had total Of 40 general cargo
terths. OF which 500 were between the
United States and foreign ports and
constwise service in tho United States
and IL between foreign ports Ships
engaged in service to Europe numbered
$685. TO Africa, IS in trans-Paciflc, So:
South America. 40; West Indies and
Caribbean. 3S; and foreign ports to
foreign ports, 2s.
Important steps for the development
Of American shipping in Europe and
elsewhere were taken. the report says.
through the establishment Of additional
numbering stations and shipping agen-
cies. The total OF such agencies at the
end OF the year was "a new ones hav-
Ing been established during the year at
Bremen, Stockholm. Helsingfors, Ma
drid. Valencia. Piraeus, Smyrna, Hong
Kong, Iduique. Dakar Biserta, Monte
Tdeo, Rosario and Pernambuco.
The ships engaged in trade with South
America brought in 1.029.3 cargo tons
and carried out 1.i32.963; this traffic
constituting % per cent. and 90 per
cent, respectively. of the total import
and export trade with Latin-American
ports. The ships were distributed sew
enteen to the general trade, twenty-four
20 Buenos Aires. two each to Para and
Iauique. and one each 60 Paramaribo.
Pernambuco. Rio Janeiro. Bahia and
Valparaiso.