PANAMA RAIL ROAD COMPANY. Ii

FarmM INDUSTRIES.

Under this heading are grouped the operations of the cattle industry
(including the operation of the cattle ships “‘Caribbean” and ‘‘Culebra,”’
the latter having been purchased from the Panama Canal in April, for
~ $109,325.00), plantations, dairy farm, poultry farm, and hog farm, all of
which are in reality adjuncts to the Commissary Division operated by
the Supply Department of the Panama Canal with Panama Railroad
funds.

Cartte Inpusrry: Cattle are purchased in Colombia and brought

to the Isthmus. The fat cattle are slaughtered almost immediately, ©

but the young cattle are put into pastures. During the last few years
pastures have been prepared along the canal to the extent of 30,000
acres at a cost of approximately $20.00 per acre, which includes the
clearing of jungle, grass seeding, fencing, and the necessary buildings for
employees and’ animals. During the last year the purchasing expenses
amounted to $9,280.47, and the cost of operating the steamers, $262,642.39,
against which a credit has been allowed of $26,143.81, representing freight
earned by the cattle steamers outside of the cattle shipments. The cost of

operating the pastures during the year amounted to $90,094.54, making a —

grand total for cattle operating expenses of $335,873.59.

During the past year 23,275 fat cattle were imported at a cost of
1,028,964.15, or an average of $44.21 per head, exclusive of handling,
and pasture expenses. 21,898 were turned over to the Commissary Divi-
sion to be slaughtered, for which the Commissary was charged by the

pound, $1,246,749.91, resulting in a profit to the Cattle Industry of —

100,863.36. 5,170 young cattle were also purchased at a cost of $124,
296.79. A very small number were lost by death. On June 30, there
were on hand 8,818 cattle of all kinds, valued at $423,062.26.

The following amounts are invested in the cattle industry: S. S.
“Caribbean,” including equipment, $167,401.86; 5. 5. “Culebra,” includ-
ing equipment, $114,553.05; pasture lands, including buildings, fences,

etc., $604,940.00; uncompleted work in the pastures, $79,444.80; equip- —

ment, B17, 658. 57; other material, $13,925.72; value of cattle on hand,
$493 (62.26; other live stock, $91 852.80, making a total of $1,442,839.06
_ PLANTATION OPERATION: ‘The expenses in connection with the opera-
tion of plantations amounted to $203,401.68 for the past fiscal year.
Value of produce sold amounted to $75,634.10, resulting in a difference of

Dy

$127,767.58, part of which is a loss on crops already harvested, and the

balance cost of planting and cultivating crops which have not been
harvested.

The value of plantations, including buildings, etc., ‘amounts to $212,
134.30; uncompleted improvement and construction work, $1,546.34;
equipment, $21,853.80; the amount expended in the operation of the
plantations during the fiscal years 1917 and 1918 was $138,461.83 in
excess of the revenue derived from produce, making a total investment in
plantations of $373,996.27.

Dairy Farm: In order to provide a supply of fresh milk for employees,
the dairy was started during the last fiscal year. The investment in
buildings and equipment to date is approximately $108,000.00. Five hun-
dred and seventy-six cows, valued at a little over $30, 000.00, produced
23,/04 gallons of milk since January. ‘The sale value of this milk was
$12, 746.98. The operation of the dairy for a period of six months re-
sulted in a profit of $6,815.69.