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 BAGGAGE TRANSFER OPERATIONS
 Gross revenue from baggage transfer operations during the fiscal year was $10,216.75. Operating expenses were $10,953.43, resulting in a net loss of $736.68 as compared with a net loss of $3,251.45 for the previous year. Detail is presented in Table No. 20.


 INTEREST AND EXCHANGE
 The revenue from interest and exchange on the Isthmus for the fiscal year amounted to $19,287.18, compared with $15,239.25 for the fiscal year 1932, an increase of $4,047.93. Detail is shown in Table No. 21.


 EXPENDITURES UNDER A. F. E.'s
 A total of approximately $121,300.00 was expended under 47 authorities for expenditure during the fiscal year, bringing the total expended on these A. F. E.'s to approximately $515,000.00. These were for a wide variety of operations as shown in Table No. 27.


 COMPLETED CONSTRUCTION WORK AND EQUIPMENT
 The principal items of construction. added to the capital account during the fiscal year were: Municipal improvement and filling of six blocks -of unimproved land in the city of Colon; Municipal improvement to the Santa Cruz area, Panama City; twelve Teletype machines; wig-wag signals at grade crossings at Corozal and Balboa Heights; and two new dry tumblers for the Ancon Laundry. A summary is presented in Table No. 28.


 CONSTRUCTION WORK IN PROGRESS
 At the close of the fiscal year construction work, of which the estimated cost is $44,097.51, was in progress. The principal items of such work were: Equipment for telephone service to serve the Madden Dam Project; construction of yard office building in Balboa Yard; new equipment for Ancon Laundry; refrigerated water coolers in Commissary Division units; and improvements to refrigerating. system at Ancon Commissary. A summary is presented in Table No. 29.


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