ITAM
8 MAHOniƐ.
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M & MATTHEWS, HONGKONG.
168
As certain expenses have had to be estimated, in
particular Annual overhaul and the deduction of laying up, we
did not consider it necessary exactly to apportion monthly
expenses when the vessels were transferred.
We have accepted the figure for the estimated cost
No charge has
of Laying up as given us by the Management.
been made for Management or other overhead expenses.
No depreciation has been charged, though in our
opinion the wastage incurred when the vessels were on
service might have been greater than had they been laid up.
Subject to the foregoing we certify that the
additional loss on running the vessels for the period was
$38,166.80.
We are, dear Sirs,
Yours faithfully,
Lowe Bingham Matthew
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