18 PANAMA RAIL ROAD COMPANY EXHIBIT B

COMPARATIVE CONDENSED GENERAL BALANCE SHEET, JUNE 30, 1932 AND 1933 ASSETS


Capital investment in railroad, piers, plants,
 real estate, buildings and appurtenances, as detailed in Table No. 3...............
Nominal value of contract of concession from
 the Republic of New Granada dated 1850, modified by contract with the United States of Colombia in 1867, confirmed by Republic of Panama in 1903, and expiring in 1966.. Capital investment in floating~ and shore
 equipment, as detailed in Table No. 3 ....
 Total Capital Investments.............
CURRENT ASSETS:
 Cash in Banks and on Hand:
 New York-Treasurer................
 isthmus-Paymaster ........
 Isthmus-Collector.....................
 Notes Receivable.......................
 Due from Agents ... *** Due from Connecting Carriers...........
 Due from United States Govt. Departments.
 Due from Individuals and Companies ..
 Total Current Assets.................
Cost of commissary, railroad and other supplies, coal, material, etc., on hand and in transit on June 30, 1933, as outlined in Table No. 4...........................
DEFERREo ASSETS:
 Working funds held by Agents, Pursers, etc. Other deferred assets....................
 Total Deferred Assets.................
DEFERRED DEBIT ITEMS:
 Rent and insurance premiums paid in advance ........ :...............
 Items covering expenditures already incurred that are to be absorbed into operating expenses:
 General and Extraordinary Repairs, Steamers............................
 Sundry Accounts.......................
 Total Deferred Debit Items............
Cost of securities representing reserve for accrued depreciation and replacement of property and equipment-as it becomes obsolete or worn out, the details of the depreciation being indicated in Table No. 5. Consisting of:
 Market Value
 Cost Jusne 30, 1933 U. S. Treasury:
 3 % Bonds .. $1,299,593.75 $1,286,593.75 31/ % Bonds. 4,530,4,37.50 4,504,218.75 33/4 % Bonds. 410,687.50 420,375.00 4 % Bonds .. 1,240,390.63 1,280,250.00
 Ctfs. of Indebtedness 41,-% 84,000.00 85,522.50
 N. Y. State
 4% Bonds ... 13,385.00 12,155.00 New York City
 41/ % Bonds. 566,435.75 504,200.00

 $8,142,930.13 $8,093,315.00

Fund set aside for the construction of steamers, created May 24, 1911, and outlined in Exhibit C (market value June 30, 1933$4,054,980.00) in the custody of the Comnmittee of Securities of the Board of Directors ........................... ......
 TOTAL..................


 1933



$32,924,151 10




 1 00

 2,466,744 69 $35,390,896 79



 $645,622 12 1,077,714 12 81,524 64
 235,000 00 117,281 39
 4,020 33
 337,393 82 138,667 19 $2,637,223 61



 $1,642,032 43

 $25,326 25
 126,624 40
 $151,950 65


 $17,064 75




 11,170 40
 164,387 77
 $192,622 92




 $8,142,930 13'a


 4,786,737 63 $52,944,394 16


 1932



 $33,207,547 47




 1 00

 2,466,744 69 $35,674,293 16



 $1,116,246'34 2,085,697 39 134,676 45 285,000 00 99,983 97
 4,493 93
 3383,038 67 136,420 32 $4,200,557 07



 $2,028,705 39

 $20,350 00
 134,274 40
 $154,624 40


 $12,481 31




 887 00
 201,412 332 $214,780 64




 $7,581,977 00


I I I


4,513,29 91 273,307 72 Inc. $5436836757$1,423,973 41 Dec.


 COMPARISON



 $283,396 37 Dec.








 $283,396 37 Dec.



 $470,624 22 Dec. 1,007,983 27 Dec.
 53,151 81 Dec.
 50,000 00 Dec.
 17,297 42 Inc.
 473 60 De(.
 644 85 Dec.
 2,246 87 Inc. $1,563,333 46 Dec.



 $386,672 96 Dec.

 $4,976 25 Inc.
 7,650 00 Dec.
 $2,673. 75 Dec.


 $4,583 44 Inc.




 10,283 40 Inc.
 37,024 56 Dec.
 $22,157 72 Dec.




 $560,953 13 Inc.


I t


 4,513,429 91 $54,36S,1367 57