PANAMA RAIL ROAD COMPANY


 RESERVE FOR DEPRECIATION
 The total reserve for depreciation set aside to date amounted to $7,219,107.65 at the close of the fiscal year, as compared with $6,907,346.17 for the previous fiscal year, an increase of $311,761.48 or 4.5 per cent. Itemized statement will be found in-Table No. 5

 RAILROAD OPERATIONS
 REVENUE AND OPERATING EXPENSES
 The total revenue from the operations of the railroad proper during the fiscal year amounted to $1,328,229.81. The total operating expenses were $1,204,305.19, leaving a net revenue of $123,924.62 for the year, as compared with $56,588.80 for the previous year, an increase of $67,335.82 or 118 per cent. Classification of the operating revenue and expenses is presented in Table No. 6.

 GENERAL AND PASSENGER STATISTICS
 The gross revenue per mile of road operated decreased $2,215.70, compared with 1932, and operating expenses per mile of road decreased $3,630.02, resulting in a net increase of $1,414.32 in net revenue per mile of road. Revenue train mileage decreased 7,069 miles as compared with 1932. Locomotive mileage decreased 18,887 miles.
 Gross revenue from passengers transported, including baggage, mail, express, special trains, motor cars, etc., amounted to $464,313.04. Passenger transportation expenses, based on pro rata of train and locomotive mileage, were charged at $501,753.08, resulting in a deficit of $37,440.04 as compared with a deficit of $60,413.82 for the preceding year.
 There were 363,109 passengers transported during the year, as compared with 409,954 in 1932, a decrease of 46,845 passengers for the year, or 11.4 per cent. Detail of passenger traffic is stated in Table No. 23.

 FREIGHT STATISTICS
 Gross revenue from freight transported, including switching, demurrage, storage, etc., during the fiscal year amounted to $799,003.27. Freight operating expenses based on pro rata of train and locomotive mileage were charged at $637,638.61, leaving a net revenue of $161,364.66, as compared with $117,002.62 for the previous year, an increase of $44,362.04 for the year, or 37.9 per cent.
 The freight revenue tonnage transported during the year amounted to 292,525 tons, as compared with 263,527 tons for 1932, an increase of 28,998 tons, or 11.0 per cent. The revenue ton miles amounted to 9,975,763 and increased 337,505 or 3.3 per cent as compared with 1932 tonnage. Local and through commercial freight decreased in ton-miles by 992,915 but an increase in Canal freight of 1,303,081 ton-miles occasioned an increase in the total ton-mileage of freight handled.
 Itemized classification of freight movement is presented in Table No. 24.