Pierce Butler

“ It was shown that annual rates of depreciation used in the accounts of shipowners varied from 2 1/2 to 5 per cent., and that such rates are affected by the policy of the owners, business conditions, taxes, and other things. It was not shown whether such deductions covered annual depreciation resulting notwithstanding proper maintenance, or whether they included all or part of the current cost of upkeep. It did not appear whether the rates were applied to reproduction cost or to original cost, or to an amount remaining after deduction on account of scrap value or salvage value or other minimum. ”

“ The value fixed by each of petitioner's witnesses is more than $1,000,000 less than the reproduction cost. The rate of depreciation taken by petitioner's mechanical engineer is too high in view of the conditions prevailing at the time of the loss. The other witnesses based their calculation on a reproduction cost that was too low. ”

“ The two other witnesses called by petitioner arrived at $650,000 and $611,000, respectively, by taking 45.2 per cent. of $1,400,000, reproduction cost found by them, and by making similar adjustments. They arrived at 54.8 per cent. deducted, by the use of a depreciation table prepared by another member of the board of appraisers. This table applies to steel steamers in salt water service. It is based on a life of 40 years. It makes a different deduction for each year. For the first 20 years it takes off 60 per cent. and for the last, 40 per cent. The average annual rate is 2 1/2 per cent. ”

“ There was no agreement as to the value of the Proteus, or as to the amount included in the lump sum on account of her loss, or on account of any other item. On the facts disclosed, it is impossible to attribute to her loss any particular amount. ”

“ Where there is no market value, such as is established by contemporaneous sales of like property in the way of ordinary business, as in the case of merchandise bought and sold in the market, other evidence is resorted to. The value of the vessel lost properly may be taken to be the sum which, considering all the circumstances, probably could have been obtained for her on the date of the collision ”

“ No question of tort or negligence on the part of the Director General was involved. The settlement had no relation to the wrongful act of petitioner and did not affect its liability. Ridgeway v. Sayre Electric Co., 258 Pa. 400, 406, 102 A. 123, L. R. A. 1918A, 991, Ann. Cas. 1918D, 1. Petitioner is not entitled to dismissal as against the Southern Pacific Company. Nor is the Director General bound by the decree of the District Court as to the amount of damages. On appeal in admiralty, there is a trial de novo. ”