The capital surplus of the United States Lines Ca. was reduced by $360,821.92 for the year 1936, representing an adjustment of the reserve for depreciation of the steamship Leviathan, in addition to the unusual depreciation which was charged against the income as authorized by the board of directors of that company. The Leviathan is How carried on the books at approximately scrap value.
The profit and loss statement of the Roosevelt Steamship Ca., Inc. for the year 1936 shows a profit of $3,213 as compared with a loss of $90,086 for the year 1935.
In previous reports reference has been made to the International Mercantile Marine Co.'s claim for £2,350,- 000 and interest against the Royal Mail Steam Packet Ca, as being of uncertain value and to the directors' conclusion that the conservative Course was not to attempt to fix a value for this claim, but to tarry the item as an asset in the balance sheet without valuation, which policy was continued through 1936. The developments during 1936 resulted in the claim being formally filed with and accepted by the liquidator of the Royal Mail Steam Packet Ca.
Text read from the printed page and cleaned; old type leaves the occasional error.