Evening star., 1925-09-18
HOW UNCLE SAM SAVES
BY WILLIAM P. HELM. JR.

that during the present -iScal wear.
July TO April. inclusive, we have com
pleted 1850 voyages, as against l.Ois
Tor the corresponding period of the
last fiscal year.
Our records indicate that we have
carried approximately 7.5SpoOG tons
OF cargo. as against 7.440, 600 tons in
the previous year, and that our tons
or cargo per voyage have increa sed
from 1895 to 1920, and that these
results have reflected an increase of
revenue from s47.7o5.000 to $50.
$4,000. the revenue per VOYAGE in.
creasinS from $45.520 to s47.8S5.
Here is a gradual bettermert in
each element of our income-more
total tons carried. more tons carried
per voyage, greater total revenue and
greater revenue per voyage The
change has not been great; basic con-
ditions have not materially bettered;
but there is Improvement all along The
line.
THE consolidation of our various
services, begun during the latter part
of the last fiscal year, but which be-
came fully operative during the pres.
ent fiscal year Q925), has permitted
much more effective operation Of
our services. resulting, among other
benefits, in permitting material re.
duction in the average turn-around,
which reflects directly in the reduced
costs of operation.
Inc average turn around during
the first 10 months of the fiscal year
1924 amounted to 95.9 DAYS, which has
been reduced in the fiscal year 1925 to
9o.2 days. With the services essential.
~ the same. there is, perhaps, no bet
ter index of operating improvements
than this item. There is still more to
be accomplished in this direction. and
our next year should reflect a still
lower average turn-around
Our total expenses for our cargo
ships for the first 10 months of last
year were approximately SIS ,234. 900,
as against l1,261,000 this year. This
is nearly a S5,000.000 smaller expendi.
ture for carrying more goods. for
which we received more revenue.
Losses From Operation.
"Our total losses for these operations
have been reduced from S23,529, 900 to
S20,870,0 900. This Is our most important
field of operation and is a measure of
the improvement and efficiency that
have been obtained during the fiscal
year 1925.
In the conduct of our business in
Europe and the United Kingdom we
have had to establish a large amount
of credits, which in turn have necessi-
tated deposits in banks in this coun.
try, amounting at the present time to
s5,350,O0O, to guarantee such credits.
Money so deposited receives much
smaller interest than the Treasury
pays for the money 1t borrows. 1t is
clear that 1t is to the interest of the
Government, therefore, to reduce these
bank deposits.
Arrangements have been completed,
becoming effective at the end of the
fiscal year 1925, which will reduce the
average outstanding liability of the
Fleet Corporation on letters Of credit
established in the United Kingdom and
Europe, thereby involving a reduction
in the amount of deposits necessary to
guarantee such credits.
Under the new arrangement our
United Kingdom and European finan.
cial operations will be handled direct
from London, which will permit the
transfer to the United States Treasury
Of approximately $4,000 900 of the
amount now on deposit with banks in
this country and at the same time re-
ducing the commissions. exchange
losses and other expenses incidental in
handling our foreign collections In the
United Kingdom and Europe"
tCopyriEhss 1881