20 PANAMA RAIL ROAD COMPANY.

Cable Extension, $853.74, and New Switchboard for Hotel Washington,
$1,181.32. Only three small construction jobs were uncompleted at the
close of the year, the balance in authorized construction unexpended was
$4,408.34. :

The total capital value of all Panama Rail Road assets on the Isthmus
on June 30th, 1922, was $28,646,611.03. |

There are in effect approximately 1,270 leases which have been granted
by the Rail Road Company on its lots in the cities of Panama and Colon,
plus 26 licenses and permissions covering the use of its property in those
cities. Within the past fiscal year 217 leases on lots in Colon have expired
and from this time on that average of expirations per annum will probably
be maintained. The expiration of these leases has made it incumbent of
this office, for the purpose of fixing new rental rates under the new leases
granted in place of the expired ones, to establish a fair value upon each
parcel of property in the cities of Panama and Colon owned by the Rail
Road. Thus far such new rental rates established on the lot values fixed
by this office in the cases of those leases which have expired, has resulted
in an increase in the rental rates under the new leases of an average of 100
per cent. over the rental rates formerly charged under the old leases. As
the leases expire on our lots within certain of the older parts of Panama
and Colon, and especially on lots in the district known as “Las Esplan-
adas”’ in the City of Panama, this average increase over the old rental rates
will be vastly increased. 7 :

PANAMA Ratt Roap AGRICULTURAL LICENSES GRANTED FOR THE USE OF
LAND WITHIN THE CANAL ZONE.

On December 2, 1921, by virtue of the Governor’s Circular, bearing
number 7138-1, practically the entire Canal Zone was made available for
settlement by agriculturists under licenses which this office was authorized
to grant. The areas excluded from operation of the Governor’s circular
comprise the Cattle Industry’s pastures and the several reservations set
aside by Executive Order for defense purposes. Lands in the immediate
. vicinity of townsites, locks and dams are also excluded from settlement.
Under the terms of the circular any one licensee may occupy up to five
hectares of land free of rent until June 30, 1924, whereafter a charge of
$5.00 per annum per hectare will be imposed. No licensee may hold more
than 50 hectares of land and the rental rate above referred to immediately
applies to any land occupied in excess of five hectares. The circular also
specifies that settlers, so far as it may become available from the razing
of old Canal buildings, will be given free of cost not to exceed fifty sheets
of iron roofing and 5,000 feet of lumber, which material will be transported
to the point along the line of the Rail Road nearest the holdings of the
‘respective licensees. The licenses are revocable upon notice from the
Governor, in which event, however, the United States will compensate
the licensee to the extent of the value of the improvements actually existing —

_on his holdings at the time of the cancellation of his license.

This office up to the close of the fiscal year 1921-1922 issued 1,026
licenses covering the use of agricultural lands within the Canal Zone to as
many persons. Those who have taken advantage of the opportunities
offered them by the Governor’s circular to cultivate a tract of land have
been, mainly, colored British West Indians residing in the cities of Panama
and Colon, and who had for a long period of time been without employ-