Lavigne of Cornwall cut an aluminum ribbon marking the international boundary on the bridge. PUBLIC RELATIONS ACTIVITIES Requests for information materials, as well as project visitors, came from all parts of the United States and Canada and from every continent, thus demonstrating the intense interest both at home and abroad in the progress of the Seaway in general and the American portion in particular. Inquiries totaling thousands were related mainly to locks and bridge construction, channel excavation and dredging 14-foot and deep-draft navigation facilities, shipping regulations, traffic and tolls, costs, ceremonies (staged in 1958 and planned in 1959), port development, Great Lakes Connecting Channels project, and many other features. Public overlooks were provided at Eisenhower and Snell locks to enable visitors to watch final stages of lock construction and after July 4 to witness the transit of ships. The Office of Information, a Massena Chamber of Commerce information booth and commercial guided bus tours accommodated many visitors to Massena, estimated at over 373,000 from late April through November. The Office of Information cooperated with regularly scheduled and chartered bus tours from New York City and other points, and assisted International Cooperation Administration and other governmental agencies in arranging and conducting tours for sponsored foreign groups, including Pakistani administrative officials, Latin-American journalists, Argentine, Free China and India engineers, Turkish utility executives, etc. Around 400 press, radio, and TV representatives reported the special July events. With these groups we cooperated most effectively. Local and national press releases kept Seaway information flowing constantly. Prints of four chapters of the Corporation movie, "The Fourth Seacoast," were shown frequently by Corporation officers in various forums and supplied on request to hundreds of organizations throughout the country. The Film Library has been one of the most active and valuable functions of the Office of Information, which also worked closely with the film contractor and photographers. Corporation officials, including the Information Officer, made public addresses in many areas as their schedules permitted. The Office of Information furnished information to many college, high school and grade school students in preparation of theses, themes, term papers and/or other Seaway projects, as well as professors, authors, textbook publishers, yearbooks and encyclopedias, guide books, map and chart publishers, and lecturers. Financial Report Presented herewith are the following financial and cost statements of the St. Lawrence Seaway Development Corporation for the calendar year ended December 31, 1958: F-bibit A Statement of financial condition. Exhibit B Summary cost and progress report. Schedule B1 Schedule B 2 Schedule B 3 Febibit C Administrative expenses. Field office expenses. Mobilization, operation and maintenance expenses. Statement of source and application of funds. Statement of status of major contracts awarded. Exhibit F Percentage of Seaway completion. The statement of financial condition presents fairly the financial position. of the Corporation at December 31, 1958, in conformity with generally accepted accounting principles, applied on a basis consistent with that of the preceding year and with applicable Federal laws. The accounts of the Corporation are kept on an accrual basis, including accounting for depreciation on construction facilities and permanent opcrating equipment The financial transactions and accounts of the Corporation are subject to nudit by the US. General Accounting Office, pursuant to the Governmen: Corporation Control Act (31 U.S.G, 841). Audits of the Seaway Corporation has been made by that office through June 30, 1958. As of December 31, 1958, several claims by contractors were pending hich m have arame effect on the financial status of the Corporation. The pling lime, however, have not been recognized by the Corporation. The claims are further explained under the section of the report on construc tim net estimates. The meetment in the Cornwall-Massena International Bridge system me hurles acquisition of one half interest in the Cornwall International Ltd, and the rights, title, and privilege to collect tolls on an International highway bridge between the United States and Canada. Asg.comsideration of the payment to the New York Central Railroad Co. and the Ottawa and New York Railroad Co. for the abandonment of the rulroad crossing, the Seaway entities acquired all of the rights and obligafions under the lewe to the Cornwall International Bridge Co. The Seaway entities also purchased equal interest in all of the shares of the Cornwall International Bridge Co., Ltd., thereby acquiring control of the assets of the Bridge Co. Most of the assets had to be either condemned or relocated as a result of the construction of the Seaway. The Seaway entities were obligated to relocate all of the railroad and highway facilities as a part of the cost of the Seaway. The investment in the Fridge system, as shown in the financial statement, represents the amount id over and above what was required for the relocation program. There,re, the amount as indicated on the balance sheet is considered the amount roperly allocable to the Cornwall-Massena International Bridge system. he Seaway Corporation's authority to purchase the bridge system jointly with the Seaway Authority of Canada, as well as its operation, is contained * Public Law 85-108, dated July 17, 1957. 1.XHIBIT A.-St. Lawrence Seaway Development Corporation, Statement of Financial Condition as of Dec. 31, 1958, and 1957 EXHIBIT B. St. Lawrence Seaway Development Corporation. Summary Cost e Progress Report as of Dec. 31, 1958 EXHIBIT B.-St. Lawrence Seaway Development Corporation, Summary Cost and Progress Report as of Dec. 31, 1958-Continued 1 Reflects reimbursement for work done for others. Represents cost of rights, franchise, and shares in Cornwall International Bridge Co., Ltd., for the Cornwall-Massena International Biridge. * Reflects adjustment of land costs as a result of realigning land boundaries along the Seaway. The total cost to date is shown in the Statement of Financial Condition under the following captions: Plant, property and equipment... Investment in Cornwall-Massena International Bridge. $114, 111, 814 2, 198, 378 116, 310, 192 |