PANAMA RAIL ROAD COMPANY. ; 19

and 8.8. “Culebra.” It was refitted at the Balboa shops for the cattle

. trade and operated for several months. The demands of the Army for
beef having been suddenly reduced on account of the cessation of War
activities, the need for this vessel ceased and it was turned over to Lyke
Brothers of Havana, Cuba, for operation on February 10, 1920. The
use of this vessel was the principal cause of the loss in the cattle industry
for the year. The 8.8. ‘‘Culebra” was also taken out of the cattle trade
and turned over to the Mechanical Division to be refitted for service as
a dredge.

The following is the present investment in the beef cattle industry:

a

5.5. “Caribbean” including equipment, $167,575.42; S.S. “Culebra,” —

including equipment, $113,458.81; the value of A6, 005 acres of pasture

lands, including buildings, fences, etc., is $1,035, 770. 86; equipment, $17,--

592.08; other material, $3,982. 64. The a te of cattle. on hand June 30,

1920, was HSO7 741. 00: other live stock (horses and mules), $21,547. 78,

making a total of $2, 167, 668.59.

Dairy Farm: The capital investment in plant is $131, 149.82; value of

dairy cows, calves and bulls on hand June 30, 1920, was $50, 055. 00; feed
and supplies on hand, $2,225.29.

The operating expenses amounted to $83,074.39 ‘nd the amount

realized from milk, cream and calves turned into the commissary was
$78,697.74, an increase of $32,/29.73 compared with last year. ‘The loss
from operations this year was 96, 187. 29 against a loss of $42,381.90 a
year ago.

Hog Farm: ‘The investment in hog farms on June 30, 1920, was
$72,17 t. 70; the total operating expenses were $78,196.34. The net loss

for the year amounted to $16,221.84, as against a profit of $26,472.35 a —

year ago.

The total number of hogs slaughtered during the year was 7 588 for
which a credit of $159,430.71 was received as compared with 8306, 948.73
the previous year. The value of stock on hand June 30, 1920, was
$33,411.00.

Poultry Farm: Thé cost of operating the poultry farm was $43,070. 60.
The sales value of eggs, chickens, etc., sold and turned in to the commissary
amounted to $18,924.24, as compared with $72,905.19 the previous year,

resulting in a loss of $28, 035.19, as against a loss of OO, TAT. O09 for the _

same period a year ago.

The capital investment on June 30, 1920, was $108, 289, 23; the value
of feed and €upplies, $796.78; of stock, $8, 157. D7.

Plantation Operations: The operating expenses amounted to $105,332.25;
the sales value of produce was $89,055.65, as compared with $76,107.37;
last year, ule in a loss of $16,276.60, as against a loss of $47,035.39
last* year.

The capital value of Bian vavione including buildings, amounted to

1,602,305.54 on June 30, 1920, the value of plantations equipmens was |

$8,924.91 and other material $999, 64.

LANDS AND BUILDINGS.

The revenue credited to rentals from leased lands amounted to $121,-
910.94. The expenses in connection with land leases were $17,722.54,

leaving a net revenue of $104,188.40, which is $7,950.30 increase over the

previous year.
Rentals ‘from buildings not eee in operations of the Rail Road

7