TELEGRAM3-"CELESTOR", LONDON. -"EXPLANATE HONGKONG, SHANGHAI, TIENTSIN OR SINGAPORE. CODES:- A. B. C. 5TH, ED., WESTERN UNION, BENTLEY'S.
LOWE, BINGHAM &
CHARTERED
MATTHEWS,
ACCOUNTANTS.
TELEPHONE
506.
162A
F.N. MATTHEWS, F.C.A.
R. A.E. PATERSON, A.C.A. JOHN FLEMING, C.A.
E. F. HARDMAN, C.A.
CHARTERED
BANK BUILDING,
QUEEN'S ROAD CENTRAL,
SHANGHAI:- GLEN LINE BUILDING. TIENTSIN :- 128, VICTORIA ROAD. LONDON:-
AGENTS: LOWE, BINGHAM & DUNMAN,
LAIDLAW BUILDING,
SI, FENCHURCH STREET, E. C.3,
HONGKONG, 26th August, 1926.
JT:MS
SINGAPORE.
Messrs. Butterfield & Swire,
Agents,
China Navigation Company, Limited,
Dear Sirs,
Hongkong.
As instructed we have examined the Company's Books, Accounts and Vouchers to check the attached "Summary" of Working Account" of the S.S. "FATSHAN" and S.S. "KINSHAN" for the period from 5th October, 1925, to 20th April, 1926 inclusive, and the accompanying schedules for the same period
viz:-
1.
1231
2. 3.
Statement of monthly working
Statement of monthly disbursement s Estimate of monthly cost of Laying up Details of Casualty Account.
The S.S. "FATSHAN" went into dock for the period from 9th January to 7th February, 1926, (both days inclusive) and was replaced by the S.S. "KINSHAN". During this period, though there was of course complete loss of Income, Expenditure could not be much reduced except as re- gards "Coal" "Accident Insurance" and Launch and Lighter Service at Canton.
The charges for "Annual Overhaul" and "Laying Up" have been estimated. The first is based on the average expenditure for 1924 and 1925, which we have verified. We have accepted your estimate for laying up charges.
No charge has been made for expenses of Management other than Agency Fees, which would probably not have been charged had the vessels been laid up for a lengthy period.
No depreciation has been charged, though in our opinion the wastage incurred when the vessels are on service might be greater than when they are laid up.
Subject to the foregoing we certify that the additional loss incurred through running the vessels for the above period was $27,156.42.
We are, dear Sirs,
Your faithfully,
Loweringham Matthew
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