6 PANAMA RAIL ROAD COMPANY.

The result of the Company’s business of every character for the period
covered by this report, after meeting the total cost of operation, together
with fixed charges aggregating $114,009.62, and charges for depreciation
of rolling stock and floating ene equipment of $262,226.76, shows a net
income of $2,303,339.96.

During the same period $1,236,329.383 was expended for additions to
and betterments of plant and equipment.

I call your further attention to the details of a supplemental report
covering the first quarter of the ensuing fiscal year that will be attached
hereto. 3
| Respectfully submitted,

GEORGE W. GOETHALS.
President.