PANAMA RAIL ROAD COMPANY. a “25

cargo losses are in the process of adjustment through general average
in which the vessels participation will approximate $25,000.00. The
damage to vessel was repaired at a cost of $5,500.00.

The S. 8. ‘““Panama”’ when about five miles off the coast at Sea Gate,
New Jersey, on December 16th, 1921, and while proceeding to New York
was in collision with the U. 8. Naval Destroyer ‘‘Graham.’’ The investi-
gation of the accident held by the Local Board of the U.S. Steamboat.
Inspection Service, at which the officers of the ‘‘Graham” were not per-
mitted by the Navy Department to testify, indicated no negligence or
: faulty handling of vessel on the part of the licensed officers of the ‘‘Panama.”’

Retirement § The damage tothe “Graham”’ was estimated to amount to $125,000.00.
pourerits The repairs to the ‘““Panama”’ were effected at a cost of $8,690.00.

“Gon HLF. Lhe 8. 8. “General H. F. Hodges” was retired from service and laid
Hodges.” up in Gatun Lake, April 25, 1922. |

Agency On April 1, 1922, we discontinued acting as Isthmus Agents of the
Colombian §. §. ‘“‘Balboa”’ of the Colombian Maritime Company. .
Sa Because of the depression in business we relinquished our lease of
oy * Pier 1, Hoboken, thereby securing relief on November 15, 1921, from the

Hoboken, beavy rental charge provided for therein, but with the right reserved to
N.J. . the use of two berths at that pier whenever adequate dock space on the
New York side cannot be secured.
Piers, The limitation of the Company’s service to three steamers between
New York. New York and Cristobal and one steamer for Haitian and South Pacific
Ports each month has permitted the handling of the bulk of the tonnage
on Pier 67, North River, with the occasional rental of outside piers as
required. When traffic conditions justify an increase in the number of
ships operated from New York additional pier space will be necessary.

Special On June 6, 1921, a Special Panama Canal Commission was appointed
Panama by the Secretary of War to investigate and report upon conditions relating
eels to the Panama Canal including all matters affecting the Panama Rail
sion, oad and the Panama Rail Road Steamship Line. The recommendations

in the Commission’s report of September 15, 1921, to the Secretary of War,

the comments of the Governor of the-Panama Canal thereon and the

action taken and contemplated upon the recommendations approved by

the Secretary of War are referred to in detail in published report of the
S Special Panama Canal Commission. | 3 ee
Tethmus Last year’s report advised the execution of contracts with C. G. Blake
Coal. Company and the Pocahontas Fuel Company, covering the requirements
for the year ended April 30th, 1922, based upon an estimated consumption

of 40,000 tons per month, at $3.00 per net ton at mines. Shortly after
the contracts became effective consumption at the Isthmus, due to the

existing world-wide depression in shipping and the increasing number of
steamers equipped as oil burners transiting the Canal, fell off to such a

degree that it became necessary in February 1922 to arrange with th

_. contractors to extend the contracts beyond their expiry date. =
Colliers. Because of the decreased demand for coal at the Isthmus the supply
was maintained by the regular operation of the ‘Cristobal’ in that trade

- with intermittent voyages of the S. 8. ‘Achilles.’ The S. S. “Ulysses”

and the Barges ‘“Mamei’” and “Darien” were laid up at Norfolk. In
December 1921 and March 1922 respectively the ‘“Mamei’’ and “Darien”

were towed to the Isthmus with cargoes of coal and tied up in Gatun Lake.

The S. S. “Cristobal” was continued as a coal carrier during the year only

because of the need for passenger accommodations to carry employees

between the Canal Zone and the U. 8. , 3