◆ SpookStack

ce re Ren are) a eee tty Na ss } mea oe ya Mee man ‘ ' a L? Co “ ‘Ni NY by 6_2507 . that’the purpose of the $750,00U,U0 dcposit made o cr 29, 1950, was to enable Victory Carriors, Inc, to improve its cash position as at Decomber 31, 1950, to qualify for Maritime mortgage aid, Ho stated that Victory Carriers, Ince had over 4750,000.00 on deposit at SIMPSON, SPENCE & YOUNG on December 29, 1950, and he considered it to be in ordor to withdraw $750,000.00 ° from this account to increase the cash balance of Victory Carriers, — Ince . BECKER stated that SIMPSON, SPENCE & YOUNG acts as a disbursing agent with the following concerns with which he is affiliated; U.S.P Ce Victory Carricrs, Ince Western Tankers, Ince Trafalgar Steomship Corporation Occanic Transport Corp, ; He stated'thnit the following corcerns do not use SIMPSON, SIENCE % YOUNG as a disbursing agent: Marino Treding, Ince Occan Trading, Ince He stated during the past two years a11 of the above concerns for which SIMPSON, SPENCE & YOUNG acts as disbursing agents would normally have funds with SIMPSON, SPENCE & YOUNG, He olso stated that prior to thut time U.S.P.C. had owed SIMPSON, SPENCE & YOUNG 4 lergc amount of moncy for nbout six months, Ho also stated thet the renson the funds with SIMPSON, SPENCE & YOUNG wero not carried on tho compuny books ag cash wag because tho U.S. Maritime Commission would not nllow it because of Maritime reguintions, Jiu stated that he assumed that the reason Maritime would not allew those funds to be carried os cesh was because the parent company possibly could use these funds for othur purposes, -_ .