.LEGRAMS:-"CELESTOR", LONDON. -"EXPLANATE HONGKONG, SHANGHAI, TIENTSIN OR SINGAPORE.
CODES:- A. B. C. 5TH, ED., WESTERN UNION, BENTLEY'S.
-OWE. BINGHAM &
CHARTERED
MATTHEWS.
ACCOUNTANTS.
SHANGHAI:- TIENTSIN:- LONDON :-
F.N. MATTHEWS, F.C.A. BOSS » A. A. R.A.E. PATERSON, A.C.A. JOHN FLEMING, C.A. E. F. HARDMAN, C.A.
GLEN LINE BUILDING. 128, VICTORIA ROAD.
31, FENCHURCH
STREET, E.C.3.
AGENTS:
LOWE, BINGHAM
& DUNMAN,
LAIDLAW
BUILDING.
JI
SINGAPORE.
TELEPHONE
506.
IMIA
CHARTERED
BANK BUILDING,
QUEEN'S ROAD CENTRAL,
HONGKONG,..
26th August, 1926.
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.3. "FATSHAN" and 3.S. "KINSHAN" for the period from 5th October, 1925, to 20th April, 1926, inclusive, and the accompanying schedules for the same period viz:-
1.
2. 3.
Statement of monthly working
Statement of monthly disbursements Estimate of monthly cost of Laying up Details of Camalty Account.
The S.S. "FATSHAN" went into dock for the period from 9th January to 7th February, 1926, (both days
During inclusive) and was replaced by the S.S. "KINSHAN". 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
We expenditure for 1924 and 1925, which we have verified. 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,
Hours faithfully,
Sowe kinghams Matthews
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