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Loening is working on the aviation study for the Congress.

That is the type of men and that was the type of work that they were to do.

Mr. WOODRUM. How long will these people be required?

Mr. KENNEDY. I should think not longer than 2 months; possibly 3 at the most, beyond the 1st of July.

Mr. Truitt suggests that I point out that they do not work regularly at $50 a day. Sometimes they are here, after the regular organization has worked things up, for 2 or 3 days. This month, of course, they are working here practically all the time, day and night.

NUMBER OF PERSONNEL NOT UNDER CIVIL SERVICE

Mr. WOODRUM. Outside of that, is your personnel under the civil service?

Mr. KENNEDY. We have 48 appointments that we are permitted under the act. Eight hundred-odd are under the civil service. But there are 12 lawyers whom we are permitted to appoint, 12 naval architects, 12 experts, and 12 examiners.

The definition of experts and examiners will depend a great deal on the problems as they arise. We may have to add to the number of our naval architects, add to the naval architecture program, or we may have to add them somewhere along the line, as we find out what we are up against.

One of the most serious difficulties about it is that they must take an oath as a regular employee. These men all have private practices. Mr. Burns has a law practice. Mr. Graustein is in business. They cannot take an oath the same as a regular employee.

Under the Securities and Exchange Act we were permitted to hire these experts and use them when we needed them, and when we would dismiss them, let them go.

Mr. WOODRUM. Does the suggested language sent up by the Budget permit you to do what you wish in that respect?

Mr. KENNEDY. Yes, sir.

APPROPRIATION TRANSFERS TO UNITED STATES MARITIME COMMISSION

Mr. WOODRUM. We have never had any specific appropriation for the Maritime Commission?

Mr. KENNEDY. No, sir.
Mr. WOODRUM. Under the new law?
Mr. KENNEDY. No, sir.

Mr. WOODRUM. You have been operating under the funds that you have received from the Fleet Corporation?

Mr. KENNEDY. Yes, sir.

Mr. WOODRUM. Do you have a statement showing all of those unexpended balances which came into the possession of the Maritime Commission?

Mr. KENNEDY. Yes, sir.
Mr. TABER. Have you any copies of those statements?
Mr. KENNEDY. We will have some made for you and send them up.

Mr. GIBBONS. There is a statement that shows the amounts that were taken over from the Post Office Department, the Fleet Corporation, and the Shipping Board Bureau, totaling, on the date of this statement, May 31, $98,130,945.34.

In addition to that, we have received since May 31 approximately $6,250,000 from the Post Office Department, which would make about $104,000,000 that was taken over from other organizations.

Mr. WOODRUM. Is that broken down?

Mr. GIBBONS. That is broken down into the various items on this statement; yes, sir.

Mr. WIGGLESWORTH. Does that include unexpended balances of appropriations, if any?

Mr. GIBBONS. Yes, sir. That includes all of those except an additional amount of poundage mail appropriation that we will probably receive from the Post Office Department, which has not been determined.

Mr. WOODRUM. It is the checking and auditing of this statement that you want to have done?

Mr. KENNEDY. I want my whole balance sheet audited. I would be glad to send up to you gentlemen the balance sheet that we got when we came in there. But I can give you no warranty that that is the condition as of today.

Mr. WOODRUM. This statement will be inserted in the record.

(The statement referred to is as follows:) Statement of appropriation transfers to U.S. Maritime Commission, and cash receipts

and disbursements, Oct. 26, 1936, to May 31, 1937 Appropriation transfers to U. S Maritime Commission: From U. S. Shipping Board, Merchant Fleet Corporation: Operating and insurance

$17, 928, 844.41 From U, S. Shipping Board Bureau: Balance of construction loan fund.

64, 972, 097. 90 Balance of claims appropriation, 1923..

24, 859. 11 Balance of appropriations: 1935.

81.83 1936.

1, 289. 05 1937

737. 73 Salaries and expenses, appropriation, 1937.

189, 611, 19 Operation of vessels taken back from purchasers.

5,000,000.00 Balance of emergency shipping fund.

287.04 Balance of Texas Centennial appropriation.

431. 36 From Commerce Department: Printing and binding appropriation, 1937

11, 325. 72 From State Department: Appropriation of foreign currencies.

1, 380.00 From Post Office Department: Foreign ocean-mail fund..

10,000,000.00 Total appropriation transfers as at May 31, 1937.,

98, 130, 945. 34

funds

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Statement of appropriation transfers to U.S. Maritime Commission, and cash receipts

and disbursements, Oct. 26, 1936, to May 31, 1937—Continued

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Mr. WOODRUM. This statement shows a balance as of May 31, 1937, of $102,095,548.48.

ESTIMATED RECEIPTS AND DISBURSEMENTS, AND AMOUNT AVAILABLE

FOR CONSTRUCTION OF VESSELS

What obligations are there against that balance?

Mr. GIBBONS. Mr. Chairman, here are a number of statements to be passed around to the members. This statement shows-it was prepared before the statement which has just been put in the recordand shows the April 30, 1937, balance. It shows the estimated receipts and disbursements and expenditures up to June 30, 1938. In this we show an amount of cash available for construction of vessels totaling $69,000,000.

Mr. WOODRUM. You estimate that you will have a net cash balance on July 1 available for construction of vessels of $69,000,000?

Mr. KENNEDY. Yes, sir.

Mr. GIBBONS. That is not by July 1, Mr. Chairman. That is during the next fiscal year. We forecast our receipts during the next year, and then we estimate that there will be available these sums as stated on this statement.

Mr. WOODRUM. Irrespective of whatever appropriation is made to you?

Mr. KENNEDY. That is right.
Mr. GIBBONS. That is the estimate; yes, sir.

Mr. WOODRUM. This statement will be put in the record at this point.

(The statement referred to is as follows:)

Estimated cash position of the United States Maritime Commission, as at June 30,

1937, and June 30, 1938 Cash balance, Apr. 30, 1937.

$101, 374, 000 Estimated receipts, May 1, 1937, to June 30, 1937:

Additional amount to be transferred from Post
Office Department.---

$6, 250, 000
Collections on secured accounts:
Principal.

1, 500, 000 Interest

540, 000 Estimated profit from terminals

10, 000

8, 300, 000 Total...

109, 674, 000

Estimated cash position of the United States Maritime Commission, as at June 30,

1937, and June 30, 1938- Continued Less: Estimated disbursements, May and June 1937: General administrative expense.

$320, 000 Laid-up fleet expense...

160, 000 Operation of vessels, net..

200, 000 Inactive vessel expense..

60, 000 Foreign ocean-mail compensation

10, 250, 000 Satisfaction of miscellaneous liabilities

250, 000 Contingencies.

184, 000

$11, 424, 000 Estimated cash position, June 30, 1937....

98, 250,000 Estimated receipts, fiscal year 1938: Collections on secured accounts: Principal

5, 800, 000 Interest

2, 900, 000 Collections on miscellaneous accounts.

300, 000 Cash proceeds of sales of assets.

500, 000

9, 500,000 Total..

107, 750,000 Less: Estimated disbursements, fiscal year 1938: Operating differential payments.

20, 400, 000 General administrative expenses.

2, 500,000 Laid-up fleet expense.

650, 000 Operation of vessels, net..

300, 000 Terminal expense.

600, 000 Inactive vessel expense.

750, 000 Satisfaction of miscellaneous liabilities

100, 000 Contingencies.

850, 000

26, 150, 000 Estimated cash position, June 30, 1938.

81, 600,000 Reserves for liabilities at June 30, 1938: Unclaimed wages.

1, 200, 000 Insurance fund.

11, 000, 000
Protection and indemnity claims prior to July 1,
1929

400, 000

12, 600, 000 Cash available for construction of vessels.--

69,000,000 Mr. WOODRUM. Do you have a statement showing all of the appropriations and unexpended balances for carrying the mails under the Post Office Department?

Mr. GIBBONS. In that statement that I gave you, it shows the $10,000,000 transfer and as far as we know at the present time the total amount to be transferred from the Post Office Department will be $16,250,000.

Mr. WOODRUM. What about the construction loan fund and the sums that are due under that?

Mr. GIBBONS. That is shown in that statement which I gave you, the actual cash that was in the construction loan fund on October 25, when the old organization gave way to the new. That is shown on that statement. All the receipts from construction-loan notes since that date are going into the fund.

SHIP PURCHASE NOTES, CONSTRUCTION LOAN NOTES, AND OTHER

RECEIVABLES COMING INTO POSSESSION OF THE UNITED STATES MARITIME COMMISSION

Mr. WOODRUM. We would like to have a statement for the record of all moneys, notes. bonds, and other property of various sorts which came into the possession of the Maritime Commission.

Mr. KENNEDY. I think you ought to have a copy of the balance sheet as we have it, which, to the best of our knowledge, shows that.

Mr. WOODRUM. That shows it?
Mr. KENNEDY. That shows it.

Mr. Gibbons. Mr. Kennedy, I have here, if you would like the committee to have it, a statement as of May 31 that will show the notes receivable.

Mr. KENNEDY. I think the committee should have all of the balance sheet and have as much of it as we have.

Mr. GIBBONS. I have also a copy of the October 26, 1936 balance sheet in complete detail.

Mr. KENNEDY. Give the committee all of the information that you have prepared.

Mr. WOODRUM. Will you furnish us that statement and then furnish for the record as nearly current as you can the information that we asked?

Mr. GIBBONS. That statement which I have given you is as of May 31. I can bring it up to June 15, if you prefer. There have been a few payments since that date. That is a complete list of all the notes that we hold for the sale of vessels and the construction and loan fund.

Mr. WOODRUM. Put that in the record.
(The statement referred to is as follows:)

Recapitulation, May 31, 1937
Notes:
Ship sales...

$13, 819, 110. 37 Construction loan..

80, 001, 415. 04 Miscellaneous.

790, 852. 54 Total notes.--

94, 611, 377. 95 Receivables, other than notes: Capital stock.

7, 670.00 Corporation bonds.

1, 269. 02 Agreements..

2, 640, 000.00 Receivers' certificates of indebtedness.

841. 49 Total receivables, other than notes..

2, 649, 780. 51 Total, all receivables..

97, 261, 158. 46 SCHEDULE 2.Balances of construction-loan notes, United States Maritime Com

mission, as at May 31, 1937 Agwi Navigation Co., and The Atlantic, Gulf and West Indies Amount Steamship Lines..

$2, 283, 750.00 American Diamond Lines, Inc.

376, 068. 00 American Line Steamship Corporation, and The Atlantic Transport Co. of West Virginia

5, 790, 000.00 American Scantic Line, Inc

391, 929. 75 American South African Line, Inc..

877, 500.00 Baltimore Mail Steamship Co., The

5, 933, 106. 26 Coamo Steamship Corporation and Agwilines, Inc.

1, 775, 867.00

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