12 PANAMA RAIL ROAD COMPANY


sion in business and the consequent reduction in earnings on real estate amounted to $43,871.95.
 The policy of disposing of real estate holdings in the city of Panama which are not used for business purposes was continued. During the year, lands comprising 147.18 square meters were sold for $10,302.60 or $70.00 per meter, bringing the total sales to the close of the year to $700,788.04.


 COMMISSARY OPERATIONS
 The gross receipts from sales and services during the fiscal year amounted to $7,313,380.84. The total cost of sales and services was $7,015,148.28, leaving a gross profit of $298,232.56. Deducting therefrom buildings written off to commissary profit and loss in amount of $73,355.98 leaves a net profit of $224,876.58 for the year, as compared with $330,711.35 for 1932, a decrease of $105,834.77 or 32 per cent.
 The volume of business transacted during the year averaged $609,448.40 per month, as compared with $695,602.19 per month for the previous year, a decrease of $86,153.79, or 12.4 per cent per month. Total sales to steamships amounted to $552,248.57, including $252,516.25 to United States Naval vessels. The average stock turnover was once every 2.74 months.
 Sales to commercial vessels for the past four years, showing decrease under previous year and percentage of decrease, are presented in the following tabulation:


 TOTAL SALES TO DECREASE UNDER PERCENTAGE OF FISCAL YEAR COMMERCIAL VESSELS PREVIOUS YEAR DECREASE

 1930 $1,098,971.12 $ 35,915.63 3 1931 789,365.78 309,605.34 28 1932 458,943.30 330,422.48 42
 1933 294,416.69 164,526.61 35.85


 The sales in 1933 -were 425.9 per cent of those in 1929, which amounted to $1,13,86.75.


12