PANAMA RAIL ROAD COMPANY. | 17

Hog Farm: The investment in hog farms on June 30, 1921, was $72,-
171.70; the total operating expenses for the year were $39, 291. 27. The
net loss for the year amounted to $11,845.92 as compared ak a loss of ©
$16,221.84 for the previous year.

The total number of hogs slaughtered during the year was 5,096, for
~ which a credit of $109,755.33 was received as compared with $159,430.71
- last year. The value of stock on hand June 30, 1921, was $18, 373.00, and
material, $2,928.30. _

Poultry Farm: The cost of operating the poultry farm was $35,870. 98,
while the value received from eggs, chickens, etc., turned over to the
Commissary Department, amounted to $10, 649.57 as compared with
| $18,924.24 the previous year, resulting in a loss of $17,939.00 as against
a loss of $28,035.19 for the same period a year ago.

The capital investment on June 30, 1921, was $108, 289.23; the value
of stock, $8,481.23; feed and supplies, $259. 30. Poultry farm. operations
were being closed down as rapidly as possible at the end of the year.

Plantation Operations: The operating expenses amounted to $76,856.84;
the sales value of produce was $67,448.66 as compared with $80, 055.65
- for the previous year, resulting in a loss of $9,408.18 as against a loss of
$16,276.60 during 1920.

The capital value of plantations, including bad amounted to
$220,016.44 on June 30, 1921; equipment, $7,320.19, and material and”
supplies, $131.80.

LANDS AND BuILpINncs—PANnamMa Raitt Roap Company.

The revenue credited to rentals from leased lands amounted to $120,-
865.42. The expenses in connection with land leases were $13,042.38,
leaving a net revenue of $107,823.04, which is $3,634.64 increase over the
previous year.

Rentals from buildings not feed mn eperaioce of the Rail Road
amounted to $19,472.44, and the expenses amounted to $12,245.37, leaving
a net revenue of. 87 227 .O7 aS compared with $4,093.90 last year.

The capital investment in Rail Road real estate up to June 30, 1921,
amounted to $2,111,981.07, with no uncompleted improvements under
construction. The Land Agent submits the following:

A slight increase is shown in the amount approximated land rental-
bills to be issued during the next fiscal year, for the city of Colon, as com- |
pared with the approximated land rental-bills issued during the fiscal year
1919-1920, which can be accounted for in the main by the fact that during
the year just ended ten lots were leased at an annual rental of $2,211.00,
in the white residential district, consisting of Blocks 20, 21, 26 and 27;
three lots were leased at an annual rental of $750.00, in the warehouse
— district, Block 54. Nine lots in the warehouse district, involving three
a at an annual rental of $2,661.00, were surrendered by the respective
essees.

A considerable decrease occurred in the amount of approximated rentals
on buildings, rooms and stores, Colon and Cristobal, as the Masonic
Temple Building, Cristobal, was on April 16, 1921, by virtue of an Act
(Public No. 250) of the 66th Congress, approved June 5,.1920, sold by
the Panama Rail Road Company to Sojourners Lodge of Ancient Free
and Aecepted Masons, of Cristobal, Canal Zone. At the time of the sale
twelve licenses to occupy rooms in the building were held by tenants, ~