PANAMA RAIL ROAD COMPANY 1


compared with 14,001 tons received and 14,886 tons reforwarded and delivered locally in 1932. The revenue f or handling and storage amounted to $28,033.91 as compared with $37,159.87 for the previous year, a decrease of $9,125.96 or 24.6 per cent f or the year.
 During the year 3,593 cargo ship's and 900 banana schooners were handled, as compared with 3,480 cargo ships and 1,020 schooners last year. Agency services were furnished to 197 vessels as compared with 192 in the preceding year.
 A summary of harbor terminal operations is presented in Table No. 7.


 COALING PLANTS
 The total revenue from the sale of coal, and charges for extra handling during the year amounted to $261,716.07. The cost of sales, including operating expenses, was $332,494.02, resulting in a net loss of $70,777.95, as compared with a loss of $159,932.23 last year. During the year 41,945 tons of coal were purchased and 39,327 tons were sold. This was the lowest volume for a year since the establishment of the plants.
 The selling price of coal remained the same during the entire year: At Cristobal, run-of-mine $6.25 per ton and nut and slack at $5.25 per ton, both prices including trimming in bunkers; at Balboa, run-of-mine only at $9.25 per ton, trimmed in bunkers.
 The gold and silver operating maintenance forces were placed on practically a half-time working basis, on November 1, 1931, due to the decreased coal sales and operation, thereby effecting a considerable saving in payrolls, and, at the same time, continuing in service the greatest number of employees consistent with conditions. This method of employment was continued throughout the fiscal year 1933.
 Effective October 1, 1932, the Coaling Plants organization was consolidated with that of the Receiving and Forwarding Agency and all administrative and office work was transferred to the office of the Receiving and Forwarding Agent, which resulted int a further reduction of expenses.


 REAL ESTATE OPERATIONS
 Rental from lands and buildings during the year amounted to $269,533.14. Operating expenses were $110,532.25, leaving a net revenue of $159,000.89, as compared with $221,290.64 in 1932, a decrease of $62,289.75, or 28.2 per cent for the year. There were in effect at the close of the fiscal year 1,430 leases and 17 licenses covering the use of Panama Rail Road properties in the cities of Colon and Panama. Statement of revenues and expenses is presented in Table No. 10.
 In the decrease in revenue, $43,871.95 was due to a discount of 25 per cent given to all lessees who were paying the full commercial rental and who paid their accounts for the first three quarters of the fiscal year before April 30, 1933. This reduction was given as a relief measure due to depres-


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