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oy sir ne Ade aati AEH Se! Se Ade a eke et tae Lg pe ceahd Be aa not there was sufficient credit to cover specific payments requested by the shipping companies. He said that although ' one or more of the accounts in the two groups might heave debit balances, the company would still pay out funds to be - charged ageinst these accounts provided that there was sufficient credit balances in the othcr accounts in the groups to offset the dcbit balancus end create a not credit balance for a the accounts. He stated that in view of (£2, the fact that the members of the firm o rily ‘) perances personally, he was not positively sure thet the accounts of the U. 5S. P. Ce. group and the foreign group always had sufficient credit balance to cover requested payments, Mr. AUGENTHALER advised that since May, 1950 he and the other members of the firm personally verified account “palances to determine that there are always sufficient credits to meet expenditures, in addition, he advised that since April, 1951, all accounts handled by SSY are required to maintain credit balances on an individual basis, and no payments would be made for any company unless that company's account had a sufficient credit balance to cover the payments. In this manner, cach account in the U. S.'P. C. group and the foreign group is now required to maintain a credit balance, Mr. SUGFENTHLLER was requestcd to furnish the ledger. sheets for all of the accounts in the U. S, P. Ce. group and the foreign group. He edvised that upon advice of counsel he would furnish these accounts only upon the permission of the officials of the company whose account was involved, Subscquently, Mre AUGENTHALER made available for examination the following accounts which SSY considered to be the accounts in the U. S. FP. ©. group: ‘United Statcs Petroleum Carricrs, Inc, Victory Carriors, Inc. Pacific (Western) Tankers, Inc, Oceanic Transport Company —