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tae | Bat ) TU Aart sph biet k f _ : Bie a be de® of wee cee eae i ae eee ee Fe ee ee - oe ete eae ae ce 4 It 14s noted that it was during erso to May, 1950 that Mr. AUGENTHALER person balances in these accounts, he period subsequent the p ally verified credit .'..— These accounts were cxamined and the month ending balances for 1948 through 1951 were compiled for each companys In compiling these balences consideration was given to the fact that in the individual ship accounts of each company disbursements for the operation of the vessels were entered | on the subsidiary sheets at the time of disbursement and transfer to the company control account in the month subsequent to disbursement. In compiling the month ending valances of the individual companies, this transfer of expenses was adjusted in the company account to the month of actual disbursement. It {s noted that while many of the shipping company accounts reflect credit balances, according to the account ledger, the adjustment of these accounts to charge the vessel ' @isbursements in the proper month resulted in a debit balance in the account. The monthly balances by companies within the JU. 5S. Pe C. group were consolidated for e monthly balance of the entire . group during the four year period. The monthly balances of Be Sp ee se ad oe ee ee oe Baewes Wee companies within the foreign group were also consolidated for & monthly balance of that entire group. Details regarding these monthly balances of the individual companies and of .the. group are contained in agents' work papors, A schedule of the monthly balances of the U, &. FP. Ce. troup and the foreign group and a consolidation of these balances was prepared and is attached to this report as Exhibit H.: Balences as roflected in sgents' work papers for the account of Erinamar for the period from March, 1951 through December, 1951 were obtained from a work paper showing con- . solidated balances presm ted by as SSY (bk) accountant. It is noted that balances reflected on Exhibit H and in agents! work papers for the months of November, 1950 through February, 1951 are shown to be overdrawn in substantial amounts. -_ . a