aS PANAMA RAIL ROAD COMPANY.

involving an annual rental of $11,281.44. All of the rooms were tenanted —
and held under license excepting the offices occupied by the Pay Office
of the Panama Canal and the Land Office of the Panama Rail Road Com-
pany, located on the ground floor facing 11th Street, and room desig-
nated as No. 7-A on the second floor, respectively; the room designated.
as No. 2, on the ground floor, facing Bolivar Street, then vacant since —
April, 1921, had been formerly occupied by the Peruvian Steamship Com-
pany. ‘The licenses in effect at the time of the sale, all of which were to
run for periods of one year or less, are, of course, being respected by
Sojourners Lodge of Ancient Free and Accepted Masons. j

At the termination of the fiscal year ending June 30, 1920, two news-
stands, those at Colon and Gatun, were being held under lease from the
Rail Road Company at an annual rental of $480.00. During the fiscal
year ending June 30, 1921, the news-stands at Balboa Heights, Pedro
Miguel, Corozal, Empire, and Panama, together with the news-butchering
privilege, were leased at an annual rental of $702.00, making the total
now being received from that source $1,182.00.

A residential district, restricted to the use of persons of the Caucasian
Race only, was opened ‘during the fiscal year ending June 30, 1920, the
district comprising Blocks 20, 21, 26 and 27, a total of 99 lots. This dis-
trict is bounded on the north by Seventh ‘Street, on the east by “E”’
Street, on the south by Ninth Street, and on the west by “G” Street.
At the end of the fiscal year ending June 030, 1920, 38 of the lots were
leased. During the fiscal year ending June 30, 1921, ten additional lots
in this area were leased, making a total of forty-eight lots leased, and
fifty-one unleased. It is probable that during the coming fiscal year
several more of the lots will be leased. -

A warehouse district (bonded or unbonded) was opened during the
fiscal year ending June 30, 1920, the district comprising twenty-one lots
in Block 54, Colon, situated between Reyes Alley, ‘“G,” 15th and 16th
Streets. The district is divided into three tiers of seven lots each, and
fourteen of the twenty-one lots have a frontage upon a street through
which a spur track was run to accommodate the handling of freight into
and out of the warehouses, the spur running north and south between
_ two of the tiers, and joining the Broadway track. During the fiscal year

‘ending June 30, 1920, fifteen of the twenty-one lots were leased; during
the year ending June 30, 1921, three additional lots have been leased.
On the other hand, nine of the lots leased during the fiscal year.ending
June 30, 1920, were surrendered during the fiscal year ending June 30,
1921, making a total of nine lots of the twenty-one held under lease as of
June 30, 1921, twelve lots being unleased. The former lessees stated that
they surrendered their leases because the expensive restrictions and regu- |
_ lations imposed by the Government of Panama upon warehousemen storing —
such commodities as rice, flour, canned milk, jute and similar products
which are sold at very close margins of profit, made their ventures un-
profitable. It is not probable that during the coming fiscal year (July 1,
1921—June 30, 1922) many of the remaining twelve lots in this district
will be leased for the reason that the economic conditions prevailing in
the States are reflected in those now prevailing in the Republic of Panama.

The total number of leases, licenses, and permissions issued by the
Rail Road Company on lots in the cities of Panama and Colon in effect —
on July 1, 1921, was 1,296, covering 1,390 leases. The approximated
land rental-bills to be issued on account of the occupancy of these lots