Corrections, Apologies and Comments on P&I Clubs’ Financial Statements

by Graham D. R. Barnes, Chairman, Nicholson Leslie BankAssure Limited

In the Marine Money issue dated 16th to 31st January 1997, we published an article titled “Concerns of the Unwelcome Guests” which included a summary of the latest financial statements of each International Group club to 20th February 1996 under Table 4 “Liquidity Coefficients.”

We regret that the figures extrapolated from the financial statements of the West of England P&I Club and The Steamship Mutual were incorrect and consequently understated the liquidity coefficients of these two clubs, an error for which we sincerely apologise. The correct liquidity coefficients for the West of England P&I Club should read +0.5% and for the Steamship Mutual -12.71%.

The Liquidity Coefficient table with the corrected figures, including the British Marine Mutual figures, are reproduced in Table 1 attached.

The Liquidity Coefficient table was prepared to give a rough indication of the ongoing liquidity position of each P&I club and therefore the potential requirement for future Supplementary Calls to meet any shortfall position.

This is only an excerpt of Corrections, Apologies and Comments on P&I Clubs’ Financial Statements

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