| Show GANAL HAS r F FINANCIAL k YEAR Cut Sut ut Lowers Profits reat Waterway Making aking Money I TON ON Nov ov 2 22 The Tho The Panas Pan- Pan as closed the best year yearn opera opera-I In its sl six ears of or n j years opera opera- excess of ot 99 Inthe in inthe i. i the expense of operation I n nee ince ce I Chester Harding the Panama canal preS pre- pre I report to the sec- sec r S made public yesterday I reasonable period of or nor- nor the canal will willi iFal at i profit on its cost which exclusive of or ext ex- ex t for r its military and naval ho 11 meantime the general nal al is performing an tm Im service by sUm slim trade with the flue west uth th America and the orient c cent nt of ot the cargo han- han he the canal since its open- open between the United uth America and 14 4 s S between bet the Atlantic 1111 ted States and the I a I IT T TS TRAFFIC I six years cars of operation ra ns's ng's report said there has I ed increase in traffic canal imal nal notwithstanding the orld war interfered with I of or- ocean go- go goi i After the tile entry of ot the into into the war t there was vas as I commercial traffic due dues s in n of certain lines of ships tIc service but this was wasU I U set et by the increase ing in inS g S out of the war chief chiefly Ij o the development of the thel l with the Pacific coast of I Ie jle i lie e amount of ot money exie ex- ex ie e e. e Uni United ed States on the I L Harding said saith I PROFITS PROFIT from one point of or I as having been beens s Tied In the creation of or orent p ent o of natural defense the c canal nal has an addin addi- addi ri n rendering useful ser- ser peace and in returning treasury revenue more moret It t to defray the expense I a ion ion on and maintenance It J loins oin- more than this and andu u Idle prediction to state J Ipei per pel management directed i ae of a a. large business en- en w within a reasOnable peal peal pe- pe al world conditions earn earni i fit on the cost From an andS dS under reasonable as- as asI I i 0 amortization e and interest it is esQ es- es Q Z with an annual revenue eS 1 I ne nes es that of 1920 1220 the canal financial return on the ine inie in- in I e ie time required to profIt prot pro- pro fIt t wi wil 1 be bc a affected by bj an any I g I. I affecting tin Ch charges es I S Sr CORDS r 1 v vessels passed anal nal lal of which 2478 were ToUs Tolls and other Taunted ned to while s of oJ operation and I t The Is flue this year reduced to 1 excess of expense and ande e C ver revenues for br the six ca canal al has been In opera- opera Of of revenues this year car it 3 hat by June 30 1921 the thelo for fo tolls toils and other canal lo by or oro o oral imi 1 current expenses of or op- op from the lW Chat at t date after atter which the thetIs WU s argue there should s of or more Is Ees ax try bei services vices of the canal largely utilized and are of cam ng out the policy in m all of the in In- In I I services that are considered by shipping interests in routing their vessels ves yes I sels General Harding said adding that It has not been the purpose to make male large profits on these activities but butI j I rather to regulate the charges so as toS to S safe safely cover the cost From these misi mis- mis i services the receipts for the Scar year were Coal water oil groceries and miscellaneous ous supplies and mechanical ical repairs to ships I NEED NEW EQUIPMENT i With the growing traffic it will be necessary to expand these auxiliary fa facilities facilities fa- fa a. a duties in the near Dear future the general pointed out He lie said that dry dock 5 and shops were inadequate to meet the I present requirements of commercial steamers and that if the development were permitted to lag behind the Increasing in inI increasing in- in I creasing traffic ic the canal would not be beIn beIn bein In position to handle all of the business business busi busi- I ness offered I Dredging costs totaled 1 this year or more than last year because of the slides in Galliard Gaillard cut The first indication of the disturbance came during a heavy rainfall in October October Octo Octo- ber er last year The movement continued continued contin contin- ue without serious results until February Febi February Feb- Feb i 1920 when a large general slide carried huge masses mases of rock and earth into the canal obstructing the channel except for small draft ships Dredges kept the canal open to all traffic with the exception of occasional delays In February March and April and by June the channel had been re restored restored re- re stored Between February and September Septem Septem- ber bei- 1 1 cubic yards of material were removed remo The motion of the slide I has been much retarded and a new period period pe pe- pe- pe nod of at stability Is approaching the re report report report re- re port said On account of of the large I amount of ot material moved it is not probable that sudden movements of I large masses will again occur according according according accord accord- ing to the report or that movements will wUl be more rapid than tian the rate of I removal by the dredges s. s |
