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Fe a ETE TORTI CH: EEO EE Re oe Heer ne CR tS ela te ot nae ee ft tae Lae i! he NY 46-2507 DEPARTMENT ITEM NUMBER 17 This item requests that the amount of charter hire paid by Petroleum Carriers of Panama to USPC be ascertained. From-an examination of the books and records of USPC and, more particularly, the accounts set up thereon relating to Petroleum Carriers of Panama and Lambert Brothers, Agents for Petroleum Carriers of Panama, it was ascertained that the following amounts of charter hire were paid by Petroleum Carriers of Panama to USPC during the years 1948 through 1951: | ; 1948 $1, 74463 78 199 2,167,226.85 1950 2,221,846.56 1951 2 2,123, 7764 Total «8, 2575 48h. $3 | 7; See ncex= Gompie te: -deteatis-:en-the- foregoing: ware being secon amiccwoen submitted with this report as Exhibit. This exhibit consists of four sheets, one for each of the years 1948, 1949, 1950 and 1951, It will be found that the charges for charter hire as set up on the books and records appear on the left portion of each of these pages and the payments or reimbursement for charter hire as ascertained from the books and records are set forth on the right portion of each of these four pagese It will be noted that the total of the payments or “reimbursement for the years 1948 and 19],9 exceeds the amount as set up as the charge for charter hire for those years, This excess is accounted for by the fact that included in > the payments are amounts for expenses in addition to the charter hire which amounts could not be.segregated from the payments as received. In other words, payments were made which included settlement for both charter hire and other operating expenses with no breakdown being shown. * - — w-. -102 -