◆ SpookStack

Me pee ee ee a er ce emai om abe Foal i . NY 46-2507 of vessels for the two groups. Initially SSY w t a for the expense involved in making payments for the accounts of the U. 8, P.-C. group of” f_ companies or the foreign _tompatiieas, At the timo, SSY recelves $1,000.00 per month from. GESEOry Connie e ThE ah ee LaSS aR mt for this expense, None of the other companies in the ; oup and none of. the tompanies ~tn-the-forcign-group-pay SSY for these extra services rendered, ain os. SS en ae ee an eae wer ner mree oes Say Ect tea besa vb Aaa baled f : —e With respect to payments of _ operating expenses and other expenses made by SSY for the ships in the two groups fo involved, Mr. AUGENTIHALBR advised tnat these payments were ? made from the funds on deposit with his company to the credit 7 of the shipping companies. The procedure in making these expenditures was to make the payment on specific instructions of the shipping compeny in each case, In the early stages ~ _of the operation he advised that payments would be made against the shipping company accounts on verbal instructions received from a representative of the shipping company. Later SSY wmeannitnweA a ununhen or a tattoar rnanueatine that a nawmant ha requsrea a Wh Maid a = he We ay Mee eae wedi _ PS fF ewes wi made and charged to the shipping company account. e ‘ : Mr, AUGENTHALER advised that such payments should have +4 been made only against credit balances available to the shipping ~ ‘companies on the SSY kooks. AUGENTHAL™R emphasized that the firm policy sat all times was to make payments for the account of clients only where a sufficient ecridit balance was presont in the clientta - account to cover such payments, He stated, however, that in _ administerine this poltcy the firm placed trust in coer dra cemaesa<TERCT lemeelves O10 not pcrsona Scertain that a client had b L. _ , sufficient credit Balls to cover a requested payment, but ¥ would denend upen verification of the fact, Peel ed ey a8, eh tela were gedede ee eel AUGENTHALER adviscd that company policy with respect to these proups was that ths balances in the various accounts would be considered as a package in determining whether or -_ .