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days within the year, as shown in the following example (in which the work. ing capital requirements are assumed to

exceed the net worth requirements and the accounting period is assumed to be 180 days).

$148, 500,000

81,000,000 24,000,000 18,000,000 25, 200,000

296, 700,000

296, 700,000

3, 150

94, 190 48

Determination of average working capital requirements:

Vessels
Type "A" 11 for 150 days each=1, 650 days @ (a) $90,000
Type "A" 5 for 180 days each- 900 days @ (a) $90,000.
Type "B" 2 for 120 days each = 240 days (a) $100,000.
Type "B" 1 for 180 days each- 180 days @ (a) $100,000
Type "C" 1 for 180 days each- 180 days @ (a) $110,000.

3,150 days..
Total as above..
Divided by-Total vessel days as above.

Average working capital requirements per vessel
Determination of number of vessels for period:

Total vessel days as above.
Divided by total days in period..

Total vessels for period..
Determination of "capital employed:

(b) First to fifth vessel, inclusive (100% of $94,190.48X5).
(b) Sixth to tenth vessel, inclusive (75% of $94,190.48X5).
(b) Eleventh to fifteenth vessel, inclusive (50% of $94.190.48X5)
(b) Excess of fifteen (272 vessels) (25% of $94,190.48X21/).

Total “capital employed”..
Allowable return” of 180/365 of 10% of "capital employed".

3, 150

180

1712

$170, 952 40 353, 214 30 235, 476 20 58, 869. 05

1, 118, 511.95

55, 159. 49

(1) Working capital requirements (as (1) The formula prescribed in $ 299.44 modified in subparagraph (a) of para- (b) shall cover the entire period from the graph (2) of Clause H of Part I of beginning of the month in which the first "SHIPSALESDEMISE 303”) should be vessel was delivered to the Charterer to used for this purpose, if they exceed net the end of the month in which the last worth requirements.

vessel was redelivered to the Administra(2) Fractions resulting from the cal- tion under WARSHIPDEMISEOUT 203, culation of the number of vessels involved and shall be taken into account, the 25 per- (2) After the amount of “capital neccent reduction being applicable to such essarily employed" has been determined, fractions occurring between the fifth and pursuant to the provisions of $8 299.42sixth vessels, and the 50 percent reduc- 299.45, the "allowable return" thereon tion to those occurring between the tenth shall be calculated at the rate of 10 per and eleventh vessels.

centum per annum on the basis of the re

lation that the number of calendar days § 299.46 Accounting periods extending beyond end of calendar year.

between the beginning of the month in

which the first vessel was delivered to the (a) Clause 13 of Part II of WARSHIP- Charterer and the end of the month in DEMISEOUT 203, wherein is prescribed which the last vessel was redelivered to the fundamental basis for the calculation the Administration under WARSHIPand payment to the Administration of DEMISEOUT 203 bears to 365, the numadditional charter hire, refers to the ber of days in a calendar year. (See cumulative net voyage profits computed Exhibit “A” for 1946 contained in the for the period of the agreement and illustrative examples of statements to makes no provision for an annual ac- be supplied by the Comptroller, Maricounting. Accordingly, the calculation time Administration.) of "capital necessarily employed" for the (b) In any instance where operations entire period under WARSHIPDEMISE- under WARSHIPDEMISEOUT 203 exOUT 203 is required to be made on the tended beyond December 31, 1946, in the basis of the adjusted net worth of the calculation of the "allowable return" Charterer as at the end of the month under SHIPSALESDEMISE 303 (and, tu preceding the date of the delivery of the the extent involved, any addendum first vessel thereunder. To accomplish thereto with respect to which additional this,

charter hire is required to be computed,

accounted for, and paid separately) for such succeeding period, the number of vessel days applicable to WARSHIPDEMISEOUT 203 in such period shall be taken into account in the formula prescribed in $ 299.44 (b) and shall be treated in the same manner as those applicable to "other operations”. (See Exhibit "A" for 1947 contained in the illustrative examples of statements to be supplied by the said Comptroller.)

NET VOYAGE PROFIT & 299.47 Fundamental bases.

(a) The fundamental bases for the determination of “net voyage profit” are provided in Clause 23(a) of Part II of WARSHIPDEMISEOUT 203 and SHIPSALESDEMISE 303.

(b) The fundamental bases for the determination of "fair and reasonable overhead expenses" (which are deductible from gross income in the determination of "net voyage profit") are prescribed in Clause 23(b) of Part II of WARSHIPDEMISEOUT 203 and SHIPSALESDEMISE 303. $ 299.48 Allocation among operations

under bareboat charter agreements

and “other operations”. The definitions of "net voyage profit" in WARSHIPDEMISEOUT 203 and in SHIPSALESDEMISE 303 provide, in effect, among other things, that, in instances where the Charterer engages in other activities in addition to the operation of the vessels thereunder, income and expenses other than those directly and exclusively allocable to the operation of such vessels shall be prorated between these activities on such basis as the Owner may determine to be fair and reasonable. To implement this provision of the bareboat charter agreements, the following bases of allocations are prescribed:

(a) Wherever practicable and the result will not be disproportionate, income and expenses (including, but not necessarily limited to, operating revenues and expenses on terminated voyages, inactive vessels expense, operating-differential subsidy, collections from and contributions to pools for the purpose of equalizing revenue in accordance with pooling agreements) shall be allocated directly to the operation from which they are derived or in which they are incurred.

(b) The Uniform System of Accounts provides, among other things, that Accounts Nos. 645—Income from Terminal

Operations, 650_Income from Cargo Handling Operations, 655-Income from Tug and Lighter Operations, and 660 Income from Other Shipping Operations (in instances where such services or facilities are maintained by the Operator) shall be credited with "agreed amounts" for the use of such services or facilities by vessels owned by the "Operator". with corresponding charges to Vessel Operating Expense. In instances where the Charterer maintains such services or facilities and they are used by the char. tered vessels and if it is impracticable to determine the actual cost of such use, the Charterer may charge in the Vessel Operating Expense Accounts of the chartered vessels fair and reasonable amounts for the use of such services or facilities (but at not in excess of the "going rates” for the services or facili. ties at the ports involved, or the rates at which such services or facilities could be obtained from independent suppliers, or the rates charged all other vessels using them), provided simi. lar charges are made in the accounts of all other vessels operated by the Charterer. If the sum of the gross income derived from the use of such services or facilities by vessels under WARSHIPDEMISEOUT 203, under SHIPSALESDEMISE 303, owned by the Charterer, and chartered from others by the Charterer, exceeds the gross income derived from the use of such services or facilities by other vessels,

(1) The expense of maintaining such services or facilities shall be allocated among the operation of the vessels under WARSHIPDEMISEOUT 203 and SHIP. SALESDEMISE 303 and “other operations” on the basis of the relation that the gross income so derived from the vessels engaged in each such operation bears to the total gross income derived from the furnishing of such services or facilities, except that income derived from the furnishing of such services or facilities to vessels neither owned, nor chartered from the Administration or others, by the Charterer shall not be included in the above calculation but shall be prorated between the operation of the vessels under WARSHIPDEMISEOUT 203 and SHIPSALESDEMISE 303 and “other operations” in the same manner as is the expense of maintaining such services or facilities as thus determined, and

(2) The amounts credited to the in-come accounts shall be allocated directly

to the operation of the vessels under WARSHIPDEMISEOUT 203 and SHIPSALESDEMISE 303 and "other operations" on the same basis as are the corresponding charges to the Vessel Operating Expense Accounts. If, conversely, the sum of the gross income derived from the use of such seryices or facilities by vessels under WARSHIPDEMISEOUT 203, under SHIPSALESDEMISE 303, owned by the Charterer, and chartered from others by the Charterer, is less than the gross income derived from the use of such services or facilities by other vessels,

(1) The amounts credited to the income accounts corresponding to charges in the Vessel Operating Expense Accounts of the vessels under WARSHIPDEMISEOUT 203 and SHIPSALESDEMISE 303 shall be allocated directly to the operation of such chartered vessels and the amounts credited to the income accounts corresponding to charges in the accounts of vessels, owned, or chartered from others than the Administration, by the Charterer, and to charges against others for the use of such services or facilities shall be allocated to "other operations," and

(2) The expense of maintaining such services or facilities shall be allocated between the operation of vessels under WARSHIPDEMISEOUT 203 and SHIPSALESDEMISE 303 and “other operations” on the basis of the relation that the gross income so derived from the vessels engaged in each such operation bears to the total gross income derived from the furnishing of such services or facilities.

(c) Compensation (other than liquidation fees) earned under Berth Agency, General Agency and Time Charter Agency Service Agreements and subagency fees and commissions paid or payable from such compensation shall be allocated direct to "other operations”.

(d) Except in instances involving considerable nonshipping Operations, the operation of passenger vessels, substantial dissimilarity between the operations of the vessels chartered from the Administration and those of vessels owned or chartered from others by the Charterer, or agency operations actually carried on as a separate and substantial business activity of the Charterer for its own account and not merely incidental to the operation of the chartered vessels (with

respect to which the Charterer shall submit, for the consideration of the Administration, in advance of the accounting prescribed in this part, its concept of a fair and reasonable formula, addressed in the manner prescribed in $ 299.40 (d), overhead expenses (if they are not susceptible to direct allocation), including administrative and general expense, less agency fees, commissions, and brokerage earned, except in instances where the Charterer, through the maintenance of actual cost records or other sound accounting methods, can demonstrate to the satisfaction of the Administration the actual application of costs incurred against such fees, a minimum of 50 percent of liquidation fees accrued during the over-all accounting period involved, the remaining percentage of such fees to be deferred to the next succeeding period, and accounting fees earned by United States principals of supervisory foreign agents; management and operating commissions; advertising expense; and taxes, other than Federal income tax, shall be allocated between operations under the bareboat charter agreements with the Administration and “other operations" on the basis of the relation that the number of days (eliminating fractions by considering twelve hours or more & full day and omitting portions of days amounting to less than twelve hours) of operation of maintenance of vessels under each SHIPSALESDEMISE 303, under each addendum to SHIPSALESDEMISE 303 whereunder additional charter hire is required to be computed, accounted for, and paid separately, under each WARSHIPDEMISEOUT 203, and in "other operations” (including those under service agreements) during the annual or over-all accounting period involved individually bear to the total of such days: Provided, That for the purposes of this calculation only a vessel day shall be valued in the manner described in the following formula:

Day (1) Vessels owned and operated by the Charterer

1 (2) Vessels bareboat chartered from

others and operated by the Charterer. 1 (3) Vessels time chartered from others. Yo (4) Vessels time chartered to others.--. (5) Vessels under Time Charter Agency

Agreements. (6) Vessels under General Agency Agree

ments where General Agents act in dual capacity of General Agent and Berth Agent.

1

%% %

Day (7) Vessels under General Agency Agree

ments where General Agents do not act
in capacity of Berth Agent----

% (8) Vessels under Berth Agency Agree

ments where Berth Agent does not act

in capacity of General Agent------- % % Provided, That in instances where more than one berth agent act for the vessel on a single voyage the number of days So calculated shall be divided between the berth agents involved on the basis of the relation that the number of days under the agency of each bears to the total number of days of the voyage. In this calculation the expired days of voyages in progress at the commencement of the annual or over-all accounting period will be omitted and the expired days of voyages in progress at the termination of such period will be taken into account (in other words, only the vessel days within the annual or over-all accounting period involved will be taken into account).

(e) If, in any instance, the amount of overhead expenses allocated against operations under General Agency, Time Charter Agency, and Berth Agency Agreements, in accordance with the fore. going formula, exceeds the amount of compensation earned under such Agreements for the period involved, less subagency fees and commissions paid or payable from such compensation, the amount of such excess shall be reallocated among the other operations of the Charterer (including, but not limited to, those under the bareboat charter agreements) on the basis of the relation that the amount of overhead expenses otherwise allocated to each such operation bears to the total of the overhead expenses otherwise allocated to all such operations.

(f) Subject to the conditions prescribed in $ 299.55 (b), in any instance where the statements required to be submitted to the Administration hereunder are certified by an independent certified public accountant or a firm of independent certified public accountants, such fair and reasonable payments as the Administration determines to have been made by the Charterer for the certification of such statements by such certified public accountants may be allocated directly to operations under the bareboat charter agreements involved on the basis of the relation that the number of vessel days applicable to each accounting period under each agree

ment (or addendum with respect to which a separate determination of additional charter hire is required to be made) bears to the total vessel days under all such agreements (or addenda) for all such periods covered by such statements.

(g) The salaries of any additional personnel which the Charterer demon. strates to the satisfaction of the Administration to have been necessarily employed for the exclusive purpose of preparing such statements (irrespective of whether or not they are certified by an independent certified public accountant or a firm of independent certified public accountants) shall be allocated over the entire period covered by such statements on the basis of the relation that the total vessel days applicable to each annual or overall accounting period involved bears to the total vessel days for all such periods, and the proportion of such salaries so determined to be allocable to each such period shall be distributed between operations under the bareboat charter agreements with the Administration and “other operations" in accordance with the formula prescribed in paragraphs (d), (e), and (f) of this section.

(h) In instances where branch offices of the Charterer act as agents for the chartered vessels and if it is impracticable to determine the actual cost of such services, the Charterer may charge in the vessel operating expense accounts of the chartered vessels fair and reasonable amounts for such services (but at not in excess of the "going rates” for the services at the ports involved, or the rates at which such services could be obtained from independent agents, or the rates charged all other vessels for such services), provided similar charges are made in the accounts of all other vessels operated by the Charterer. If the sum of the gross income derived from the furnishing of such services to vessels under WARSHIPDEMISEOUT 203, under SHIPSALESDEMISE 303, owned by the Charterer, and chartered from others by the Charterer, exceeds the gross income derived from the furnishing of such services to other vessels,

(1) The expense of maintaining such branch offices shall be allocated among the operation of vessels under WARSHIPDEMISEOUT 203 and SHIPSALESDEMISE 303 and “other operations" on the basis of the relation that the gross income so derived from the vessels engaged in each such operation bears to the total gross income derived from the furnishing of such services, except that income derived from the furnishing of such services to vessels neither owned, nor chartered from the Administration or others, by the Charterer shall not be included in the above calculation but shall be prorated between the operation of the vessels under WARSHIPDEMISEOUT 203 and SHIPSALESDEMISE 303 and “other operations" in the same manner as is the expense of maintaining such services as thus determined, and

(2) The amounts credited to Agency Fees, Commissions, and Brokerage Earned shall be allocated directly to the operation of the vessels under WARSHIPDEMISEOUT 203 and SHIPSALESDEMISE 303 and “other operations” on the same basis as are the corresponding charges to the Vessel Operating Expense Accounts. If, conversely, the sum of the gross income derived from the furnishing of such services to vessels under WARSHIPDEMISEOUT 203, under SHIPSALESDEMISE 303, owned by the Charterer, and chartered from others by the Charterer, is less than the gross income derived from the furnishing of such services to other vessels,

(1) The amounts credited to the income accounts corresponding to charges in the Vessel Operating Expense Accounts of the vessels under WARSHIPDEMISEOUT 203 and SHIPSALESDEMISE 303 shall be allocated directly to the operation of such chartered vessels and the amounts credited to the income accounts corresponding to charges in the accounts of vessels owned, or chartered from others than the Administration, by the Charterer, and to charges against others for the furnishing of such services, shall be allocated to "other operations”, and

(2) The expense of maintaining such branch offices shall be allocated between the operation of vessels under WARSHIPDEMISEOUT 203 and SHIPSALESDEMISE 303 and "other operations” on the basis of the relation that the gross income so derived from the vessels in each such operation bears to the total gross income derived from the furnishing of such services.

(i) Depreciation expense shall be allocated between the operation of the

chartered vessels and “other operations" on the same basis as the net book value of the property involved is allocated in the determination of “capital employed", except depreciation on general ofice furniture and fixtures, which shall be allocated on the same basis as that prescribed with respect to overhead expenses in paragraphs (d), (e), (f), and (g) of this section.

(j) Income in the form of interest earned and dividends shall be allocated between the operation of the chartered vessels and “other operations" on the same basis as the value of the investments and securities from which such income is derived is allocated in the determination of “capital employed”.

(k) Interest expense shall be allocated between the operation of the chartered vessels and “other operations” on the same basis as the liabilities in connection with which such expense was incurred are allocated in the determination of “capital employed”.

(1) Miscellaneous operating income, miscellaneous operating expense, miscellaneous other income, and miscellaneous other deductions from income, if, and to the extent that they are not susceptible to direct allocation, but are derived from, or incurred in the general conduct of the shipping business shall be allocated on the same basis as that prescribed with respect to overhead expenses in paragraphs (d), (e), (f), and (g) of this section.

(m) Income derived from, and expenses incurred in, nonshipping operations shall be allocated directly to “other operations”. $ 299.49 Calculation of net voyage profit

on cumulative basis. In providing for the calculation of additional charter hire based on the cumulative net voyage profit of the Charterer, Clause 13 of Part II of SHIPSALESDEMISE 303 provides also that such cumulative net profit so accounted for shall not be included in the calculation of cumulative net profit in any subsequent year or period. Pursuant to these provisions of the bareboat charter agreements, only deficiencies in net voyage

1 The books, records and accounts referred to in this section shall be retained two years after a final release or settlement agreement is completed between the Mari. time Administration and the charterer.

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