PANAMA RAIL ROAD COMPANY. | 25-3
the cancellation of the lease to Pinel and Company for the English Wharf.
The cancellation of their lease necessitated the cancellation of two other
leases for property in this vicinity. The amount of revenue lost is small,—
amounting to $275.00 per annum. ‘The cancellation of this lease was made
necessary on account of the condemnation by the Health Officer of the City
of Panama of this wharf topo with that of the American Wharf lying
to the south. | .

It will be noted that there are now four licenses in existence for six lots, —
producing an annual rental of $666.00 for property in the Huerta Sandoval -
tract along the Panama-Balboa road. This additional revenue is derived

from the leasing of small lots of land 25’ x 50’ per lot in front of the Panama :

Rail Road Stables, on which the licensees are to erect, buildings for offices,

feed stores, ete.
The total of all los licenses and permissions in effect for Panama Rail

Road property on June 30, 1916, is shown to be 1,279, embracing 1,380 lots, — es

earning an approximate annual rental of $129, 415.88. This is the estimated
rental value only as taken from the books of the Company as of June 30,
1916. It will be noted that there is an increase of $8,569.10 over the

approximate rental value for the fiscal year ending June 30, 1915, The =

actual rental for all preperties during the past year amounted to $132, 467.54,

which is an increase of $19,917.31 from the actual collections for the fiscal eae
year ending June 30, 1915. This increase has been made notwithstanding __
the fact that since June 30, 1914, we have lost approximately $26,000.00
per annum due to the cancellation of Canal Zone leases at Gatun, ‘Monte ee
_lirio, Frijoles, Empire and Gulebra. In addition the Company’ sland =.=
“rentals have been decreased $6,600.00 due to the fact that all rentals derived _

from the licensing of lots at tlie Mount Hope Oil Tank Farm have been
collected for account of the Panama Canal since January 1, 1916. This —

is being done as it is considered that all lands of the Rail Road Company in

the Canal Zone have been taken over by the Government of the United —
States for the construction, operation, maintenance, sanitation and pro-

tection of the Panama Canal. Hereafter all licenses for Ol Tank lots at

Mount Hope will be issued for account of the Panama Canal.

During the current fiscal year there were 95 new leases executed for 113 :
whole lots, and 16 new leases executed for 18 half lots, in the Cities of Colon —
and Panama. Some of these leases are renewals, and others are for lots .

_ previously leased to parties who failed to comply with the terms of their __

lease, and consequently cancellation of same was effected, after which —
the lots were readvertised and leased to other parties.

The miscellaneous leases at Colon which have been included in this fiscal

year’s report with statement regarding licenses and permissions, Inasmuch —

as these are for miscellaneous pieces of land which might be required at any —_

time by the Rail Road Company, and, consequently the occupants of same

hold the land more or less under a temporary permission. It will be noted — | 3

that the amount of miscellaneous permissions has decreased, and this is
explained because certain properties are now included with leased lots, or
come under the heading of Buildings, Stores; etc.

_ - After the fire of April 30, 1915 the President of Panama issued Decree
No. 23 of May 31, 1915, which provided in Article 1 that all buildings
reconstructed and all buildings to be constructed, in the City of Colon, |
from and after that date, should be of masonry, brick, concrete, or other —
fire-proof material. In consequence the lessees of lots in the burned area

___were informed that the Railroad Company would be willing to grant new
= _Teares OL a period of NG years from July I, > provided the