8 PANAMA RAIL ROAD COMPANY


 OPERATIONS ON THE ISTHMUS
 REVENUES FROM OPERATIONS ON THE ISTHMUS

 The gross receipts from sales and services furnished during the fiscal year 1933 amounted to $11,135,557.90. The cost of sales, including operating expenses, amounted to $10,370,809.90, leaving a net revenue of $764,748.00. Adding thereto interest and exchange and miscellaneous profit and loss items amounting to $19,684.28, results in a net income of $784,432.28 for the year as compared with $782,464.49 for the fiscal year 1932, an increase of $1,967.79, or one-fourth of one per cent, as compared with a decrease of 21 per cent the preceding fiscal year. This increase is accounted for by an increase in the net revenue from the operations of the railroad proper, the harbor terminals, telephones and electric clocks and a decrease in the losses on coal and hotel operations. There was a decrease in the net revenue from commissary, real estate, cattle and dairy operations. Report of the gross revenue, operating expenses and net revenue of the operating units on the Isthmus is shown in Tables No. 1 and 2.


 CAPITAL INVESTMENT
 The total capital investment of the Panama Rail Road and its various business interests on the Isthmus in real estate, coal, commissaries, supplies, plant equipment, etc., cattle, dairy stocks, and material, at the close of the fiscal year amounted to $34,277,152.14 as compared with $34,937,897.76 in 1932, a decrease of $660,745.62 or 1.89 per cent. Details are shown in Tables 3 and 4. The principal changes during the year were as follows:


 INCREASE DECREASE
Railroad, proper.............................................. $ 20,500.00
Harbor terminal............................................... 26,100.00
Coaling plants................................................ 50,700.00
Telephone.................................................... .-1,100.00
Real estate................................................. $358,800.00 
Hotels...................................................... 7,000.00 
Cattle industry................................................ 6,000.00
Commissaries.................................................. 569,600.00
Uncompleted construction...................................... 352,800.00


 The decrease in the railroad proper was largely due to decrease in stock of maintenance of way materials on hand; that of the harbor terminals to decrease in equipment; that of the coaling plants to stock of coal on hand; that of the commissaries to lessened value of plant and stock of merchandise; and that in uncompleted construction to completion of buildings and the inclusion of their value under real estate.