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PANAMA CANAL COMPANY

Balboa Heights, Canal Zone
OFFICE OF THE PRESIDENT
January 5, 1959.
TO THE STOCKHOLDER OF THE PANAMA CANAL COMPANY:
The year just ended broke all records for number of ships
transiting the Panama Canal and tolls collections. A total
of 9,466 oceangoing vessels were transported from ocean to
ocean. These ships sailed under the flags of some 36 different
nations of the world.
This record level of traffic was handled with a minimum
of delays to our customers. This accomplishment is es-
pecially significant in view of the fact that the periodic
overhaul of the Pacific locks was performed during this
period.
Work was started on the canal improvements which were
developed and approved in connection with the Short Range
Panama Canal Improvements Study of 1957. These im-
provements are designed to increase the capacity of the
canal to handle the anticipated volume of traffic for the
next decade.
The Board of Directors, through a committee consisting
of three members, continues the studies of longer range
canal requirements. Several elements of these studies,
notably the future traffic projections, have been completed.
Down through the years the Panama Canal has kept
pace with world shipping requirements. It is the intention
of your Board of Directors to keep well ahead of future
demands on the canal by timely recommendations for
needed improvements.
By order of the Board of-Directors.

W. E. POTTER,
President.

PANAMA CANAL COMPANY

INTRODUCTION

THE CANAL-A BRIEF DESCRIPTION . . . . .
ORGANIZATION ... .. .... .... .. ....
TOLLS RATES . . . .. . . . .... .
BOARD OF DIRECTORS AND GENERAL OFFICERS. . .
COMPARATIVE TABULATION OF HIGHLIGHTS OF OPERA-
TION . . . . . .. .. . . ...
SUMMARY-PANAMA CANAL COMPANY OPERATIONS. .

Canal traffic . .........
Financial results .........

CHAPTER I-REVIEW OF CANAL TRAFFIC

OCEANGOING TRAFFIC . . .
OTHER TRAFFIC . . . . .
COMMERCIAL TRAFFIC HIGHLIGHTS .
PRINCIPAL TRADE ROUTES . .
NATIONALITY OF VESSELS . . .
.CARGO STATISTICS . . . .
TRANSIT AVERAGES . . . ..
DATA IN STATISTICAL CHAPTER .

CHAPTER II-THE WATERWAY

TRANSITING OF SHIPS . . . . . . .
LOCKS OPERATION ...............
WATER SUPPLY ................
MAINTENANCE OF CANAL CHANNEL . . . .
REPLACEMENT OF LOCKS TOWING LOCOMOTIVES .
CANAL IMPROVEMENT PROGRAM . . . . .
MARINE TRAFFIC CONTROL . .. . . .
CLOSING OF GAS MANUFACTURING FACILITY
FERRY SERVICE .................. .

CHAPTER Ill-SUPPORTING OPERATIONS

EMPLOYEE SERVICES ..............
Supply and Community Service Bureau . .
Supply Division . .. . . . .
Procurement Division . . . . .
Community Services Division . . .

Page
1
1
2
3

3
4

4
6
. . . . 6

CONTENTS

CHAPTER Ill-SUPPORTING OPERATIONS-Continued

TRANSPORTATION AND UTILITY SERVICES . . . .
Railroad operations . . . . . . . .
Motor transportation . . . . . .
Steamship operations . . . .. . . ...
Electrical power system . . . . . . .
Communications system . . .. . . .
W after system ............... ..
Printing plant . . . . . . . . .
Vessel repairs . . . . . . . ..
Harbor terminals operation . . . . .
PRINCIPAL ENGINEERING AND CONSTRUCTION PROJECTS .
Bridge, Balboa, C.Z. .......... .
Sixty cycle power conversion program . . .
Phase I of increased dependable capacity of the
locks . . . . . . . . . .
Miscellaneous and other projects . . . . .
Operations, and capital construction by contract .

CHAPTER IV-ADMINISTRATION

MAJOR ORGANIZATIONAL CHANGES . . . .
MAJOR PERSONNEL CHANGES . . . . .
FORCE EMPLOYED AND RATES OF PAY . . .
EMPLOYEES PAID AT U.S. RATES . . . .
Turnover in force . ... . . . .
Recruiting . . . . . . . . .
W ages . . . . . . . . ..
EMPLOYEES PAID AT CANAL ZONE WAGE RATES .
W ages . . . . . . . . .
Cash relief for disabled employees . . .
Repatriations . . . . . . . .
Separations . . . . . . . .
INCENTIVE AWARDS . . . . . . .
SAFETY PROGRAM . . . . . . . .
LEGISLATION . . . . . . . . .

. 37
. 37
. 38
S. 39
S. 39
S. 39
39
40
40
40
. 40

40
40
41
. 41
. 43

CHAPTER V-FINANCIAL REPORT AND STATISTICAL DATA
FINANCIAL STATEMENTS AND RELATED SUPPLEMENTARY
REPORTS
NARRATIVE STATEMENT .................
Source and application of funds . . . . . .
Financial operating results . . . . . . .
Net direct investment of the U.S. Government . .
Retained revenue ... ..............

Page
28
28
29
29
30
30
31
31
32
32
33
33
34

34
35
35

CONTENTS

CHAPTER V-FINANCIAL REPORT AND STATISTICAL DATA-
Continued
Financial Tables
Page
TABLE 1.-Statement of financial condition . . .. 46
Notes pertaining to financial statements 48
TABLE 2.-Statement of equity of U.S. Government. 50
TABLE 3.-Statement of revenue and expenses ... 51
TABLE 4.-Statement of revenue and operating expenses,
Canal operation . . . . . .. 52
TABLE 5.-Statement of revenue and operating expenses,
Supporting services . . . . . .. 53
TABLE 6.-Administrative and other general expenses . 54
TABLE 7.-Inventories . .......... .55
TABLE 8.-Changes in fixed assets and related allowances for
depreciation and economic valuation . .. 56
TABLE 9.-Comparative statement of financial condition . 62
TABLE 10.-Comparative statement of revenue and expenses. 63
TABLE 11.-Statement of changes in equity of the U.S. Govern-
ment . . . . . . . . . 63
Shipping Statistics
TABLE 12.-Ocean traffic through Panama Canal, fiscal years
1948-58 . . . . . . . ... 64
TABLE 13.-Traffic by months, fiscal years 1957 and 1958. 65
TABLE 14.-Canal traffic by nationality of vessels .. .. 66
TABLE 15.-Classification of canal traffic by type of vessel . 67
TABLE 16.-Laden and ballast traffic by nationality of vessel. 69
TABLE 17.-Frequency of transits of vessels through Panama
Canal . . . . . . . 701
TABLE 18.-Segregation of transit by registered gross ton-
nage...... 72
TABLE 19.-Principal commodities shipped through canal 73
TABLE 20.-Origin and destination of cargo through the Pana-
ma Canal from Atlantic to Pacific segregated
by countries in principal trade areas .... . 75
TABLE 21.-Origin and destination of cargo through the Pana-
ma Canal from Pacific to Atlantic segregated by
countries in principal trade areas . . . 78
TABLE 22.-Cargo shipments by trade routes-Atlantic to
Pacific . . . . . . . . . 81
TABLE 23.-Cargo shipments by trade routes-Pacific to At-
lantic . .. . . . . . . 84
TABLE 24.-Important commodity shipments over principal
trade routes-Atlantic to Pacific . . 88
TABLE 25.-Important commodity shipments over principal
trade routes-Pacific to Atlantic . . . 98
TABLE 26.-Small vessels transiting canal . . . .. 109

CONTENTS

CHAPTER V-FINANCIAL REPORT AND STATISTICAL DATA-
Continued
Other Statistics
Page
TABLE 27.-Water supply and expenditures .. .. 110
TABLE 28.-Dredging operations . ..... .... 110
TABLE 29.-Electric power generated. . . . .. 111
TABLE 30.-Number of full-time employees paid at U.S. rates 111
TABLE 31.-Number of full-time employees paid at Canal
Zone wage rates . . . . . . 113

CONTENTS

CANAL ZONE GOVERNMENT
SPage
Letter of Transmittal . . .. . . . . . 115
Introduction ........... ..... . 117
Canal Zone Government . . . . . .. 117
Organizational changes . . . . ..... 117
Major personnel changes . .. ...... 117
CHAPTER I-PUBLIC HEALTH
Sanitation ...... .... ..... .. 119
Preventive medicine . . . . .. . . .. 120
School health ....... ......... .. 120
Quarantine . . . . . . . . . 121
Veterinary activities . . . . . . . 121
Hospitals and clinics .................. 122
CHAPTER II-PUBLIC EDUCATION
General description .............. 124
Enrollments ............. .. .. . 124,
Special education............. .... .125
Plant . . . . . . . . . . . 125
Library-Museum.. .. .............. .125,
CHAPTER III-PUBLIC ORDER AND PROTECTION
Police activities .................127
Court activities ............. .. 128
Pardon board .... . . ......... 129
Fire protection ... .. .. ... ... . 129
Civil defense .... ... .. .. ... ... .. 129
CHAPTER IV-POSTS, CUSTOMS, AND IMMIGRATION
Postal system ..... .. ........ 131
Customs, immigration, and shipping commissioner serv-
ices .. . . . . . . . 132,
Visas . . . . .. . . ...132
CHAPTER V-LICENSES, INSURANCE, AND ESTATES
Licenses . . . ... . . . .. . . 133
Insurance ... .................... 133
Administration of estates . . . . .. . . 134
Foreign corporations . . . . . . . .. 134
CHAPTER VI-MUNICIPAL IMPROVEMENTS
Roads, streets, and sidewalks . . . . . . 135
Maintenance of quarters, hospitals, and public buildings 135
Sewer system ................... 135

COaNTENTS

CHAPTER VII-FINANCIAL REPORT AND STATISTICAL DATA
Financial Statements and Related Supplementary Reperts
Page
NARRATIVE STATEMENT . . .. . . . 136
Invested capital . . . . . . . .... 136
Capital additions ....... . .. .... ... 137
Financial results. ...... ...... 137
TABLE 1.-Statement of financial condition... .. . 138
TABLE 2.-Statement of changes in equity of U.S. Govern-
ment .............. .. . 140'
TABLE 3.-Statement of operations . . . . . .. 141
TABLE 4.-Changes in fixed assets and related allowances for
depreciation and economic valuation . . 142
STATISTICAL DATA . . . .. .. ........ 144
Personnel data. ........ . ... 144
Area of the Canal Zone ................ 145

Illustrations
Chart-Panama Canal tolls . . . .. . . .
Chart-Oceangoing transits . . . . . .
Photograph-SS Santa Mercedes making 200,000th commercial
transit of canal. . . . .... .faces page 10
Chart-Traffic moving over principal trade routes. . 13
Chart-Nationality of transition vessels . .. . . 15
Photograph-The Vanda, of Honduran Registry, completed
50 transits during fiscal year 1958 . . . . faces page 11
Photograph-Tanker SS Gulfking in transit at Pedro Miguel
Locks o.. ........ ... . ...faces page201
Photograph-Repairing Culvert Failure in East Chamber,
Pedro Miguel Locks . ............ faces page 21
Photograph-Suction dredge Mandinga placed in operation
November 1957 . . . . ....... faces page 22
Photograph-Architectural rendering of bridge to span canal
channel at Pacific entrance. .. . . .faces page 23
Chart-Panama Canal Company organization . . faces page 38
Photograph-Hon. George H. Roderick presenting "Award of
Honor" to Governor Potter ,. .. .. faces page 42
Chart-Canal Zone Government organization. faces page 144

THE CANAL
The Panama Canal is a lock-type canal that connects the Atlantic
and the Pacific Oceans through the Isthmus of Panama, traversing a
distance of approximately 51 miles from deep water to deep water.
In the dredged channel, the canal has a minimum width of 300 feet and
a minimum depth of 42 feet. The greatest part of the canal channel
is at the level of Gatun Lake, the surface of which is normally 85 feet
above sea level. In transiting the canal a ship is raised in three steps
from sea level to the level of Gatun Lake, and subsequently lowered
in three steps to sea level at the other side of the isthmus. The six
steps or flights of locks are in duplicate, to enable simultaneous lock-
age of two ships transiting in the same direction or of ships passing in
opposite directions.
The past fiscal year marked the completion of 44 years of successful
operation of the canal. The canal was opened on August 15, 1914,
and has served world commerce without major interruption since
fiscal year 1916, when the last canal-closing slide occurred in Gaillard
Cut at the Continental Divide. A total of 274,529 vessels of all types
have made the canal transit, of which 206,734 were oceangoing com-
mercial vessels plying the various channels of world trade. The
service provided by the canal has, moreover, been of incalculable value
to the United States and her allies in time of war.
ORGANIZATION
The Panama Canal Company Act, which created the Panama Canal
Company and defined its basic purposes, organization, rights, powers,
and obligations, constitutes article 3 of chapter 12 of Title 2, Canal
Zone Code, consists of sections 245 to 258 of Title 2, Canal Zone Code,
and was enacted by the act of June 29, 1948 (62 Stat. 1076), as
amended by the act of September 26, 1950 (64 Stat. 1041). This act
became effective on July 1, 1951, pursuant to the provisions of Execu-
tive Order 10263 of June 29, 1951. In its capacity as owner of the
Company, the U.S. Government is represented by the Secretary of
the Army, referred to as "Stockholder," in his individual capacity as
the personal representative of the President of the United States for
such purpose. The Company operates under the management of a
Board of Directors appointed by the Stockholder. The Company is
charged with the maintenance and operation of the Panama Canal
and the conduct of the business-type operations incident to such
maintenance and incident to the civil government of the Canal Zone.
The Company and the Canal Zone Government, the independent
agency of the United States charged with the civil government of the
Canal Zone, are closely interrelated in mission, organization, and oper-
ations. The combined function of these agencies is the administra-
tion of the Panama Canal enterprise as a whole. The Governor of the
Canal Zone, who is charged with the administration of the Canal Zone

2 INTRODUCTION
Government, under the supervision of the Secretary of the Army, is
ex officio a director and President of the Company.
The Panama Canal Company is expected (a) to recover all costs of
operation and maintenance of its facilities, including depreciation; (b)
to pay interest to the Treasury on the net direct investment of the
Government in the Company; and (c)'to reimburse the Treasury for
(1) the annuity payments to the Republic of Panama under the con-
vention of 1903 as modified by the treaty of 1936 between the two
governments, and (2) the net costs of operation of the Canal Zone
Government, including depreciation on fixed assets. The interest
rate for the fiscal year 1958, as set by the Secretary of the Treasury,
was 2.482 percent. The Board of Directors is required to appraise,
at least annually, the Company's working capital requirements, to-
gether with reasonable foreseeable requirements for authorized plant
replacement and expansion, and to pay into the Treasury as a repay-
ment of capital the amount of any funds in excess of such requirements.
All funds other than working balances are carried with the U.S.
Treasury.
The activities of the Company are classified under two major head-
ings, namely: (a) the canal and (b) supporting operations. Category
(a) embraces those functions directly related to the waterway and
the transiting of ships and to services to shipping, including mainte-
nance of the canal channel, maintenance and operation of the locks,
meteorology and hydrographic services, and a ferry service across the
canal at Balboa. The supporting operations include vessel repairs,
and harbor terminal operations, a railroad across the isthmus, a steam-
ship line operating between New York and the Canal Zone, motor
transportation facilities, storehouses, an electric power system, a com-
munications system, and service activities that are essential to em-
ployees' needs including the operation of quarters, retail stores, and
service centers.
TOLLS RATES
The rates of canal tolls remained unchanged during the year. These
rates are as follows:
(a) On merchant vessels, Army and Navy transports, tankers, hos-
pital ships, supply ships, and yachts, when carrying passengers or
cargo: 90 cents per net vessel-ton of 100 cubic feet of actual earning
capacity-that is, the net tonnage determined in accordance with the
Rules for the Measurement of Vessels for the Panama Canal;
(b) On such vessels in ballast, without passengers or cargo: 72 cents
per net vessel-ton;
(c) On other floating craft: 50 cents per ton of displacement.
Tolls charges for the canal remain substantially at the level estab-
lished in 1912 in anticipation of the completion of the construction of
the canal.

PANAMA CANAL COMPANY

BOARD OF DIRECTORS AND GENERAL OFFICERS OF THE PANAMA
CANAL COMPANY AS OF JUNE 30, 1958
Board of Directors
Hon. WILBER M. BRUCKER, Secretary of the Army, Stockholder

Hon. George H. Roderick, As-
sistant Secretary of the Army,
Chairman of the Board.
John H. Blaffer.
Robert P. Burroughs.
Ralph H. Cake.
Maj. Gen. Glen E. Edgerton,
USA (Ret.).
John W. Martyn

Howard C. Petersen.
Maj. Gen. William
USA.
Charles S. Reed.
Ogden R. Reid.
Maj. Gen. Julian
USA (Ret.).
Ralph A. Tudor.

General Officers
GEORGE H. RODERICK, Chairman of the Board.
Maj. Gen. WILLIAM E. POTTER, USA, President.
Col. HUGH M. ARNOLD, USA, Vice President.
PHILIP L. STEERS, Jr., Comptroller.
WILLIAM M. WHITMAN, Secretary.

COMPARATIVE TABULATIONS OF HIGHLIGHTS OF OPERATIONS

fiscal year

Net income_---------------------------------
Number of oceangoing transits:
Commercial --------------------- -------
U.S. Government__ ____ ..----------------
Total ----------------- ----
Tolls earnings (including small vessels):
Commercial -----------------------
U.S. Government__----------------- --
Total..----.-------..-------------.--
Total cargo transiting (long tons)-.--------------
Lockages:
Gatun --------_--------------------------
Pedro Miguel-_ ----------------------
Miraflores--..-----.. ----.-----------------
Terminals operations (tons of cargo handled, trans-
ferred, and stevedored at piers) -------------
Oil handling (number of barrels pumped).-------
Maintenance of channel (cubic yards dredged) ----.
Number of full-time company employees (as of
June 30):
U.S. rate .-----------------------------.
Canal Zone rate--.-----------------------
Total Company employees..--------------.

1958
$2, 826, 381
9, 187
279
9, 466

41, 843, 525
990, 481
42, 834, 006
48, 934, 829
8, 548
8, 815
8,655
1, 833, 087
16,410, 902
5, 156, 700

2,755
8,391
11, 146

1967
$3, 821, 456
8, 579
269
8, 848

38, 513, 404
1,140, 116
39, 653, 520
50, 649, 835
8, 053
8, 260
8, 244
2, 049, 605
16, 948, 273
5, 010, 600

2, 697
8, 154
10, 851

E. Potter,

L. Schley,

INTRODUCTION

SUMMARY
Panama Canal Company Operations
Canal traffic.-Commercial transits and tolls reached an alltime
high record in 1958. For the seventh consecutive year tolls paid on
such vessels exceeded previous records. Total oceangoing transits in
fiscal year 1958 advanced to 9,466, and tolls revenues from oceangoing
ships to $42,768,015, gains of 7 percent and 8 percent, respectively,
over the previous year.
This record level of traffic was handled with a minimum of delay to
shipping customers. The accomplishment is especially noteworthy
in view of the fact that the periodic overhaul of the Pacific Locks,
comprising two out of the three sets of locks, was performed during
the fiscal year period.
Cargo moving through the canal totaled 48,916,119 long tons, the
second highest tonnage in the history of the canal, and only 3 percent
below the alltime high established in 1957.
Commercial traffic comprised 94 percent of the combined com-
mercial/Government total in 1958. Oceangoing commercial transit
of 9,187 exceeded by 7 percent the record of 8,579 established in 1957;
commercial tolls collected amounted to $41,795,905, a gain of 8.7
percent, while commercial cargo totaled 48,124,809 long tons, 3 per-
cent under the previous year.
Of the total cargo transiting in commercial bottoms during the
year, 23,580,878 long tons moved from the Atlantic to the Pacific,
a decrease of 7 percent under the tonnage moving in that direction in
1957. The Pacific-to-Atlantic volume totaled 25,354,239 long tons,
a gain of about 5 percent over 1957.
The grand total of transits for the year by all classes and sizes
of tolls-paying vessels was 10,553.
During the month of March 1957, oceangoing traffic through the
canal established a record high total of 840 transits, the highest month
in the history of the canal. In October 1957, the second highest
total, 836 transits, were recorded. Further records established in
fiscal year 1958 included total tolls revenues of $42,834,006, while
cargo movements totaling 48,934,829 long tons were the second
highest in the canal's history.
One of the significant features contributing to the increase of
commercial traffic during the year was the abnormal rise in the number
of vessels transiting in ballast. An appreciable increase was noted as
early as the close of the first quarter, in the number of tankers, cargo
vessels, and ore carriers transiting without cargo. The increase in
ballast tonnage of tankers is due principally to the heavy movements
of Venezuelan and West Indies mineral oils through the canal to the
Pacific, with tankers returning empty. The newly built bulk carriers
of large capacity have stimulated movements of oil and ores, and
usually go one direction in ballast. Most of the ballast tonnage is
normally attributable to general cargo vessels and consists of fruit
ships returning empty to the banana ports of Central and South
America; however, an increasing number of dry-cargo vessels moved
through the canal with empty holds during the past year. This
situation is indicative of reduced cargo movements, low charter
rates, or a combination of both of these factors.

PANAMA CANAL COMPANY

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INTRODUCTION

Financial review
It is again a pleasure to report that the Panama Canal Company has
finished another year without cost to the American taxpayer, thus
completing 7 successive years of operation without loss since its re-
organization on July 1, 1951.
As to dollar volume of traffic, fiscal year 1958 was the best in the
history of the Panama Canal. Gross tolls amounted to a record $42.8
million.
Revenues exceeded expenses by $2.7 million for the year, after
provision for (1) payments to the U.S. Government of $20 million
covering interest, net cost of the Canal Zone Government, and
annuity payments to the Republic of Panama; and (2) retroactive
costs of approximately $1 million for various wage increases granted
toward the close of the year or during the first quarter of fiscal year
1959. Expenses do not reflect depreciation charges against certain
assets (historically classified as nondepreciable), such as the excava-
tion of the canal channel and other similar items valued at $282.1
million.
We are pleased to report that the Company's financial statements
for fiscal year 1957 have been certified by the Comptroller General of
the United States. This certification was made possible as a result of
approval by the Director of the Bureau of the Budget of the valuation
of certain assets included in the U.S. Government's net direct invest-
ment in the Company, final disposition of a major lawsuit involving
toll rates, and the satisfactory results of an independent audit made
by the General Accounting Office.
Financial statements and comments appear in chapters 5 and 7,
respectively.

%'fcL/t~ex I

REVIEW OF CANAL TRAFFIC

OCEANGOING TRAFFIC I

Another significant story in Panama Canal traffic records became
apparent as early as March 195S. At the close of the fiscal year
the number of oceangoing transits, the net tonnage of vessels, and
the receipts for tolls from vessels transiting the canal exceeded those
in any preceding year in the history of the canal operations. This
marked the seventh consecutive year that new records have been
established for commercial traffic using the waterway.
The number of commercial ships transiting the canal averaged 25.2
per day, and for the first time such transits exceeded the 9,000 mark
for a single year, recording a total of 9,187 transits for this fiscal
period. A grand total of 9,466 oceangoing vessels made the passage
during the year; of these, 9,187 were of strictly commercial types,
and the other 279 were U.S. Government owned or controlled vessels.
Flags of 36 nations were flown over the commercial ships transiting,
for which the Panama Canal Company received $41,795,905 in tolls
for services rendered; in addition, $972,109 was received in tolls
credits from the U.S Government vessels. The $42,834,000 paid
and credited in tolls during the year marked the first time in the
history of the waterway that such income has exceeded the $40
million total. This is an increase of 8 percent above the previous
year's figures. U.S. owned or controlled vessels that transited during
the year were at their lowest level since 1940. This was the first
year since 1940 that income from this classification of ships fell below
$1 million.
Commercial cargo tonnage passing through the canal failed by
1,577,391 long tons of equaling the record established during the
previous year. However, the 48,125,000 long tons of commercial
cargo transiting did establish the second highest tonnage in the
history of the canal. The Pacific-to-Atlantic flow of cargo regained
its first-place position and established a new record with 25,281,508
long tons of cargo. On the other hand, the Atlantic-to-Pacific
movements of cargo were 10 percent below the volume that moved
in this direction during the previous year. This decline is attributed
to a sharp reduction in shipments to Japan which were down by some
2,240,000 long tons from the previous fiscal year. Scrap metal ship-
ments t.o Japan were 965,000 long tons lower than in the previous
year, accounting for a large part of this decline.
The declining movement of cargo to Japan contributed significantly
to the fact that the volume of U.S. exports that passed through the
waterway was some 2,777,000 long tons short of the volume which
transited the canal during the previous 12-month period. Some
17,867,000 long tons of cargo transiting the canal this fiscal year
originated in the United States, and import tonnage to the United
I Vessels of 300 tons and over (Panama Canal measurement) for vessels rated on net tonnage, or of 500
tons, displacement and over for vessels rated on displacement tonnage (naval vessels, dredges, etc.).

REVIEW OF CANAL TRAFFIC

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States which passed through the canal during the year established
a new high of some 18,690,000 long tons, a gain of 13 percent above
the previous year.
The increasing size of commercial ships using the Panama Canal is
bringing increasingly larger tolls per transit. In fiscal year 1952,
the average amount collected per transit was $4,127; during fiscal
year 1958, this per transit average increased to $4,549. The growth
in larger ships is probably best illustrated by the fact that since 1955
ships transiting the canal in a single year with beams of 86 feet or
greater have increased from 13 such ships to a total of 109 for the
year just concluded. Clear-cut transits have increased from 696 in
1955 to 1,087 in 1958, or 56 percent. This type of transit is of sig-
nificant importance because of its effect on the capacity of the canal.
The average oceangoing commercial vessel transiting was slightly
larger than in previous years, averaging 5,221 Panama Canal net
vessel tons in comparison with the 5,088 average in 1957.
A tabulation of the four principal features of traffic for the fiscal
years 1958, 1957, and 1956 is shown below:
fcial year
1968 1967 1956
Number of oceangoing transits..... 9, 466 8, 848 8, 476
Net tonnage (Panama Canal meas-
urement)-_4-------- --------- 49, 110,351 45,018,760 42,685,742
Cargo (long tons of 2,240 pounds) 48, 916, 119 50, 624, 373 46, 269, 163
Tolls and tolls credits-- --------- $42, 768, 015 $39, 561,595 $37, 369, 533
OTHER TRAFFIC
In addition to the oceangoing vessels, 1,087 small craft of less than
300 net tons, Panama Canal measurement (or under 500 displacement
tons on vessels assessed on displacement tonnage), transited the canal
during fiscal year 1958. Transits of these small vessels have but slight
effect on workloads and tolls revenue volume, and are generally ex-
cluded from analysis of canal operations. Also excluded from the
preceding table are statistics on 55 vessels exempted from tolls charges,
including vessels owned, operated, or chartered by the Government of
the Republic of Panama, war vessels of the Republic of Colombia, and
vessels transiting the canal solely for repairs at the Panama Canal
shops. Further details on this traffic will be found in table 26, chapter
V, page 109.
COMMERCIAL TRAFFIC HIGHLIGHTS
In October 1957, the Grace liner Santa Mercedes, made the
200,000th commercial transit of the waterway, less than 8 years after
the SS Nevadan of the American Hawaiian Line became the
150,000th customer, April 26, 1951. It was on October 10, 1938, that
the Steel Export, operated by the Isthmian Steamship Line, made the
100,000th transit of the canal.

495687-59---2

REVIEW OF CANAL TRAFFIC

PRINCIPAL TRADE ROUTES
Approximately 79 percent of the commercial traffic served by the
Panama Canal in fiscal year 1958 moved over eight main routes of
trade. The table below shows the net vessel tonnage (Panama Canal
measurement) moving over these routes in fiscal year 1958 and 1957,
with the percentage change between the 2 years.
Fiscal year
1968 1957 Percent in-
(In thousands of Panama crease or
Trade route Canal net tons) (decrease)
East coast United States/Canada and Asia-------- 9, 282 9, 232 0. 5
East coast United States and west coast South
America----------------------------------- 8,421 6,739 25.0
Europe and west coast United States/Canada ------ 5, 386 4, 685 15. 0
Europe and west coast South America ----------- 4, 566 4, 040 13. 0
United States intercoastal ----------------- 3, 675 3, 282 12. 0
Europe and Oceania---------- -------------- 3,014 3,698 (18.5)
East coast United States and west coast Central
America/Mexico---------------------------- 1,815 1,383 31.2
West coast United States and east coast South
America---------------------------------- 1,769 1, 140 55.2
All other------------------------------------ 9,996 9, 429 6. 0
Total-------------------------------- 47,924 43,628 9.8
An increase of 9.8 percent is shown in the volume of net vessel ton-
nage transiting the canal this fiscal year over the previous year, with
the highest volume change in shipments occurring again in the east
coast United States and west coast of South America trade.
All the.major routes ranking in position 1 to 8 maintained their
status in the lineup of principal trade routes served by the canal. The
east coast United States and west coast South America area, which
retained its second position in importance among the routes, shows the
highest percentage gains in both net tonnage and cargo movements.
Some gains were reflected on each of the other trade routes with the
exception of the route between Europe and Oceania, on which net
tonnage declined by 684,000 net tons, or 18.5 percent. The greatest
net tonnage gains recorded were in the tonnages between the east coast
United States and west coast of South America, up 1,682,000 tons, or
25 percent, and between Europe and west coast United States/Canada,
which increased by 701,000 tons, or 15 percent.
A brief discussion of shipping engaged in these trade routes is given
in the following paragraphs:
East coast United States/Canada-Asia.-Traffic in these two impor-
tant areas retained first-place position for the seventh consecutive
year among the various trade routes served by the canal. The volume
of net tonnage used on this route, Panama Canal measurement, estab-
lished a new high, however, the volume of cargo moving between the
two arens was 18 percent below the previous year, yet accounted for
some 42 percent of all the Pacific-bound cargo. Again, Pacific-bound
traffic accounted for the majority of the net tonnage, forming 67
percent of a total of 9,282,000 net tons. Substantial losses were sus-
tained in cargo shipments in the east-to-west movement, principally in
rice, ammonium compounds, iron and steel manufacturers, scrap and
various other met-ls, and phosphates. The decrease in scrap iron ship-
ments alone accounted for some 980,000 long tons. On the other hand,
noticeable increases in this direction were made in exports of corn, up

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190,000 long tons, soybeans increased by 121,000 long tons, with
wheat beginning a substantial movement for the first time since 1955.
In the other movement, west to east, a decrease of some 282,000
long tons was experienced under the 1957 period, with losses in ship-
ments of chrome ore and sugar predominating and accounting for
232,000 tons, or 82 percent of the total tonnage lost.
East coast United States-west coast South America.-For the seventh
consecutive year this trade route continued its spectacular rise in all
phases of shipping, and held its second-ranking position in importance
to the Panama Canal. The net tonnage moving over this route in-
creased by a significant rise of 1,682,000 net vessel tons, a 25-percent
increase over the volume moving during the preceding year. This is
the most impressive gain among the various trade routes. It is over
this lane that the large quantities of essential raw materials such as
the various ores flow to the industrial areas of the United States.
Usually, the volume of net tonnage totals approximately the same in
each direction, but during this fiscal year west-to-east movements
exceeded east-to-west by 590,000 tons. Eighty-four percent of the
cargo tonnage moved west to east during this fiscal year, an increase
of 24 percent, despite the existing business recession in progress in
the United States. Shipments of iron ore, up by 1,313,000 long tons
from the previous year, showed the most significant commodity in-
crease, amounting to 33 percent. Slight increases over last fiscal
year were noted in shipments of bananas, coffee, and sugar.
Europe and .west coast United States/Canada.-This major route con-
tinued to rank third in importance for the seventh consecutive year,
accounting for a total of 5,386,000 net vessel tons and showing a gain
of 15 percent over last fiscal year. Movements of cargo in this trade
are predominantly eastbound and this year's movement in that direc-
tion formed 85 percent of the total cargo exchanged by the two regions.
Total cargo moving in the trade, amounting to 6,015,000 long tons,
showed a slight, gain of less than 1 percent. Two commodity groups-
lumber and barley-made up 31 percent of the 5,126,000 long tons of
cargo shipped eastward, showing gains of 41 percent and 56 percent,
respectively, over such shipments last year. Wheat, for years one
of the most important commodities shipped in appreciable quantities
in the trade, sustained a decided decrease of 552,000 long tons this
period, or 23 percent under last year's total of 2,394,000 long tons.
Europe and west coast of South America.-Net vessel tonnage in this
route, the fourth-ranking one, was up by slightly more than 500,000
net tons. This is a gain of 13 percent over the preceding fiscal year,
when a 10-percent increase was registered in the net tonnage utilized
over the route. Coupled with this continued gain in net tonnage
volume, of course, is the phenomenal increase in vessels being em-
ployed to transport the increasing volume of goods exchanged be-
tween the two areas.
Although the volume of goods exchanged between the areas this
fiscal year continued to rise, a total of 3,694,000 long tons being
recorded in comparison with 3,590,000 tons last year, the 1958 period
shows the slightest increase in tons of cargo since 1954 when only
2,025,000 tons was exchanged in the trade. As in past years, the
movement of cargo was predominantly west to east which this year
accounted for 79 percent of the total cargo moved over the route.

REVIEW OF CANAL TRAFFIC

Despite the business recession in progress, which is being felt especially
in world commerce, raw materials obtained from the west coast of
South America for European industries continued to show increases.
Again, as in fiscal year 1956, a very slight decrease in cargo shipments
is recorded in the east to west direction, down by 2 percent over 1957
figures.
The most important percentage increase in commodity shipments
over the route occurred in bananas, up by 73,000 long tons, or an
increase of 37 percent. Shipments of nitrate of soda ranked second
in importance of increases with 502,000 long tons, or a rise of 35 per-
cent in comparison with 373,000 long tons in 1957. Iron ore moving
from western South America to European ports again showed a slight
gain over last year, utilizing 1,064,000 long tons to compare with the
1,009,000 tons in 1957.
Western Germany continued to be the principal recipient of east-
ward-bound cargo, receiving 964,070 long tons, a gain of 35 percent
over last year. The Netherlands ranked in second place, receiving
650,974 long tons, while Great Britain was third with 438,773 tons.
Belgium and Germany were again the principal suppliers of westward-
bound cargo, with Belgium exporting some 205,000 long tons and
Germany 185,000 tons.
A 69-percent increase in the number of vessels operating in these
trade areas is shown within the past 5 fiscal years. From a total of
562 in 1954 to a total of 949 in 1958, there was a total of 387 ships
added in the trade with the largest single addition of 114 craft. occur-
ring in fiscal year 1958. This is an increase of 39 percent in vessels
over the fiscal year 1957.
United States intercoastal.-Retaining its position of fifth place in
importance in canal commerce is the trade between the Atlantic and
Pacific coasts of the United States. During the period of 1958 over-
all increases were experienced in all phases of shipping over this route
which recorded more vessels plying in the trade, more net vessel tons
and cargo tonnage, as well as more tolls collected than was the case
in fiscal year 1957. Net vessel tonnage in fiscal year 1958 totaled
3,675,000 tons, an increase of 393,000 tons over last year. The
unusually heavy volume of residual oils moving from California dur-
ing the last quarter of the fiscal year was primarily responsible for the
increase, a total of 470,000 net tons moving in 50 tankers during the
3-month period. Total net vessel tonnage in the tanker class in this
route amounted to 980,808 tons, up 64 percent over the total of 597,982
tons last year. The remaining net tonnage of 2,694,000 tons con-
sisted of dry cargo type vessels.
Despite the heavy increase in oil shipments of some 279,000 long
tons, and a substantial increase of 174,000 tons of unclassified chemi-
cals during the period, only a slight overall gain of 90,000 tons was
recorded in cargo movements. Such gains in oils and chemicals were
offset by heavy losses in shipments of iron and steel products, a pre-
dominant east-to-west trade, down 29 percent from the 1957 fiscal
period. Lumber, moving in the opposite direction, contributed a
decrease of 97,000 long tons in cargo, a decline of 7 percent from the
period last year.

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Europe and Oceania.-Reflecting a trend to return to a somewhat
more normal status, consistent with commerce prior to the closure of
the Suez Canal, this route is the only one out of the eight major trade
routes showing an overall decrease. Statisticalwise, 95 fewer vessels,
684,000 fewer net vessel tons, 757,000 fewer long tons of cargo, and
$609,289 less in tolls were derived from these areas during fiscal year
1958 in comparison with the 1957 period. Sustained losses of 20
percent occurred in ships using the route, some 19 percent occurred
in net vessel tons, and a 26 percent reduction was felt in total cargo
moving over the lane.
Principally a west-to-east movement, this route saw a decline of
760,000 long tons of cargo from the 1957 period, down 39 percent,
while a very minute gain in tonnage was shown in the opposite direc-
tion for the period. The cargo losses occurred among the most usual
commodities shipped to European ports, consisting of copra, dairy
and meat refrigerated products, phosphates, sugar, and wool.
East coast United States and west coast Central America/Mliexico.-
Traffic routed between these two areas in fiscal year 1958 recorded a
percentage increase of 31 percent in volume of net vessel tonnage.
This was the second highest percentage gain in net tonnage during
the fiscal period. Holding its position as seventh ranking in impor-
tance, the trade accounted for 1,815,000 net vessel tons, or a gain of
432,000 tons over the 1,383,000 tons recorded in this trade in 1957.
Net vessel and cargo tonnages represented in this route, as in past
years, consist mainly of bananas from Costa Rica and Panama to the
eastern seaboard. The volume of cargo tonnage in the west-to-east
movement alone accounted for 73 percent of the total cargo tonnage
gain made during the fiscal year and can be attributed almost solely
to the recovery made in the banana trade. Recovering from a disas-
trous year in 1957, this commodity reached the high peak of 337,000
long tons exported, the highest tonnage attained since fiscal year 1953
when 350,000 long tons were recorded. Manganese ore, the only
other commodity shipped in appreciable quantities in the movement,
was down slightly but accounted for 102,000 long tons out of the
total of 495,000 tons of cargo.
West coast United States and east coast South America.-A newcomer
to the list of important trade routes of the Panama Canal just 2 years
ago, this route topped all others in gains in net vessel tonnage among
the eight major routes. An increased net tonnage of 629,000 was
experienced, registering the year-high increase of 55 percent over
fiscal year 1957. Increased oil tanker movements alone accounted
for 238,000 net vessel tons of this total gain with an increase of 22
tankers plying in the trade. Shipments of crude oil from Venezuela
to the west coast of the United States increased from 1,235,000 long
tons in 1957 to a high peak of 1,614,000 long tens in 1958, a rise of 31
percent. Of the 1,949,000 long tons of cargo passing over the route
in 1958, 88 percent was recorded in the east-to-west movement.
NATIONALITY OF VESSELS
Vessels of 36 nationalities comprised the oceangoing commercial
traffic in fiscal year 1958, 2 less than in the previous year. Transits
of U.S. registry, numbering 2,023, with an aggregate net vessel
tonnage, Panama Canal measurement, of 11,672,797 tons ranked

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REVIEW OF CANAL TRAFFIC

first among the nations participating in canal traffic, as they have in
almost every year since the opening of the canal in 1914. Traffic of
British registry, contributing 1,203 transit registering 7,454,501 net
vessel tons, has traditionally ranked second in canal traffic and this
position was retained in fiscal year 1958.
Some 2,378 different commercial vessels made 9,187 transits for an
average of 3.82 transits per vessel. The number of transits made by
such vessels varied from 1 to 50. The greatest number of transit
made this year by a single vessel was accomplished by the Honduran-
registered Vanda, with 50 trips through the channel, transporting
bananas from Ecuadoran ports to Florida.
During this year, not only an increase of 104 American-flag transit
was recorded over last year's total of 1,919 but an increase of 657,825
net vessel tons, is noted, which accounted for an increase of $549,022
in tolls collected from U.S.-registered vessels. Vessels under U.S.
registry paid 24.6 percent of the total tolls collected and accounted
for 22 percent of the total transits made. On the other hand, a loss
of 106 British-registered transit was sustained this fiscal year, with a
resultant loss in Panama Canal net. tonnage of 673,068 tons, and
$641,696 in tolls revenues from British vessels. However, British-
flag transits continued to hold second place in importance, paying 16
percent of the tolls collected while making 13 percent of the total
transits. Next in importance, and replacing Norway as a tolls-
paying customer, is Liberia who accounted for 11 percent of the total
tolls with 9.8 percent of the total transits.
Of the 10 top-ranking nationalities contributing 85 percent of the
transits, 89.3 percent of the Panama Canal net tonnage, and 89.4
percent of the tolls, the United States led with 24.4 percent of the
total net tonnage; British, 15.6 percent; Liberian, 11.8 percent;
Norwegian, 10.1 percent; Japanese, 8.2 percent; German, 7.0 percent;
Panamanian, 4.2 percent; Danish, 3.4 percent; Italian, 2.4 percent;
and the Netherlands, 2.2 percent.
The most striking increase from the previous year, as measured by
net vessel tonnage, was made in traffic of vessels flying the Liberian
flag. Vessels flying the flag of this nation have steadily climbed
from sixth place in importance tonnagewise during the past 4 years,
increasing from 1,040,175 net vessel tons in 1954 to 5,633,036 tons
in 1958, a gain of 442 percent.
CARGO STATISTICS
Although the combined movement of cargo in both directions this
fiscal year fell short of last year's record by 1,577,391 long tons, or a
decrease of 3.2 percent, a second-place alltime high record was set with
a total of 48,124,809 long tons of cargo.
A substantial gain of 1,009,151 long tons was shown in the Pacific-
to-Atlantic flow of cargo over the record established last fiscal year.
As a result of this gain, movements in this direction again returned to
the leading position, a place it had held each year since the opening
of the waterway until 1957 when it was replaced by the Atlantic-to-
Pacific movement. The 25,281,508 long tons of cargo moving in the
Pacific-to-Atlantic area this fiscal year established a new record by
slightly more than 1 million tons over the 24,272,357 tons moving in

PANAMA CANAL COMPANY

that direction last fiscal year. The Atlantic-to-Pacific movement
returned to second-place position by sustaining a loss of 2,586,542
long tons this year, down 10.17 percent from the record high figure of
25,429,843 tons in 1957.
Of the 12 commodity groups which have consistently accounted for
approximately 75 percent of the volume of cargo passing through the
canal, 6 showed increases and the remaining 6 registered declines this
period. The six groups registering declines were: other ores and
metals, manufactures of iron and steel, wheat, sugar, canned and
refrigerated food products, and phosphates.
Average Tonnage, Tolls, and Tons of Cargo per Transiting Vessel
The average measurement of tonnage, tolls, and tons of cargo per
oceangoing commercial vessel during fiscal years 1958 and 1957 are
shown in the following tabulations:
r Fiscal ear
Average per vessel 196 195
Panama Canal net measured tonnage--------------------- 5, 217 5, 095
Tolls------------------------------------------..--.. $4,549 $4,481
Tolls per Panama Canal net ton -------------------.--. $0. 871 $0. 879
Tons of cargo per laden transit_- ------------------------ 6, 378 6, 779
Tolls per ton of cargo (laden only)---------------------- $0. 753 $0. 700
DATA IN STATISTICAL CHAPTER
Further particulars of traffic through the canal are presented in
chapter V of this report in the form of tables and charts.

'64 6 ( 11e

THE WATERWAY

The efficient and dependable opera tion of the Panama Canal ts of
vital concern not only to maritime interests throughout the world but
also to a host of others whose livelihood and general welfare are
dependent to some degree upon an even flow of world commerce.
The process of getting the ships through the canal and the perform-
ance of certain auxiliary or supporting functions are grouped under
the classification of "The Waterway," for purposes of this report,
and are the primary missions of the Marine Bureau and the Engi-
neering and Construction Bureau. These two Bureaus must provide
for the transiting of ships, operation of the locks, maintenance of the
canal channel, meteorology and hydrographic work, and ferry service
across the canal at Balboa.
TRANSITING OF SHIPS
Traffic control
The dispatch of ships into the canal and their movement through
the waterway are closely controlled by the Navigation Division of the
Marine Bureau. Dispatches are regulated from each terminal so that
all ships that arrive each 24-hour period normally clear the waterway
prior to closing time. The following is a summary of the typical
operating program in effect at the end of the fiscal year: From Cris-
tobal Harbor, the Atlantic entrance, the first ship begins its south-
bound transit at 6 a.m., the last at about 4 p.m. From Balboa
anchorage, Pacific entrance, the first ship starts northbound at 5:30
a.m., the last at 3:30 p.m.
Certain vessels such as tankers, ore carriers, and those carrying
hazardous cargoes are selectively dispatched so that they *will not
meet or pass any other vessel in Gaillard Cut and are not normally
permitted to proceed unless they can clear the cut and the locks
during the daylight hours. Such ships are called "daylight clear-
cuts."
Since 1951 there has been a significant trend developing in the
number of clear-cut and daylight clear-cut transits. Of most impor-
tance, because it affects the capacity of the canal, are the increases in
large size vessels. From 1955 through fiscal year 1958, vessels of 79-
foot beam and above have increased by over 500 percent. The
number of vessels of this size transiting in 1958 exceeded the number
handled during 1957 by more than 25 percent.
Harbor work
Five tugs were in service throughout the year-three at the Atlantic
terminal and two at the Pacific terminus. The tugs operated a total
of 12,784 revenue-hours in the servicing and assisting of ships, in
comparison with the 12,803 revenue-hours in fiscal year 1957.
18

PANAMA CANAL COMPANY

Towing and salvage
The Company's salvage tug, U.S. Taboga, was engaged in four off-
shore jobs of salvaging and towing for private interests during the
fiscal year 1958 and was used for servicing outlying aids to navigation
off the Pacific coast of Panama and in the Caribbean.
Accidents to shipping
During fiscal year 1958 the Board of Local Inspectors was called
upon to investigate 32 marine accidents in Canal Zone waters and to
fix the blame and responsibility for same. Of these 32 accidents, 19
occurred during transit, the balance occurred in the terminal ports.
This compares with 20 investigations in the previous fiscal year.
The Panama Canal Company was found responsible for damages
incurred in 17 accidents, with joint responsibility fixed in 3. A reserve
in the amount of $459,555 has been set up to cover claims which
might arise as a result of the Company's liability. This compares
with five accidents of Company responsibility and a reserve of $22,000
in 1957. The remaining 15 accidents were determined to have been
caused by fault of the vessel or other causes for which the Company
assumed no responsibility.
The most serious marine accident which occurred during the year
was the collision on October 10, 1957, in San Pablo Reach between
the MS Rangitane southbound, and the SS Hawaiian Tourist, north-
bound. Responsibility for the accident was placed on the Panama
Canal Company. Estimated liability of the Company for damage
to both vessels was $250,000.
There were 558 transit per accident during 1958 as compared to
534 in 1957, and 262 in 1956.
Admreasurement and boarding party operations
A total of 602 new oceangoing-type vessels were measured and, in
addition, 206 ships with structural changes were remeasured. This
compares with 514 new ships, 235 with structural changes in the pre-
vious year.
The function of the boarding party consists of all phases of routine
boarding, which includes admeasurement of vessels for tolls assess-
ment; inspection to insure compliance with customs, immigration,
quarantine, and navigation regulations; and the performance of
Deputy Shipping Commissioner duties for seamen aboard the U.S.-
flag vessels. There were 10,750 ships boarded and inspected during
the year as compared with 9,392 in 1957 and 8,523 in fiscal year 1956,
respectively.
Aids to navigation
On October 6, 1957, the former Aids to Navigation Section of the
Marine Bureau was transferred to and became a unit of the Dredging
Division, Engineering and Construction Bureau. The complete
integration of the two units was effected by October 31, 1957. Con-
solidation of these activities will result in a net reduction of operating
expenses in the amount, of $143,200 in fiscal year 1959.
As of June 30, 1958, there were 870 navigational aids maintained
by the Dredging Division in the canal proper and the approaches
thereto, the terminal harbors, and the adjacent coastal areas. Classi-
fied according to the character of the illuminant used, these were as

THE WATERWAY'

follows: acetylene gas operated, 123; electrically operated, 370; and
unlighted, 377. Outlying navigational aids were visited for the-
purpose of inspection and servicing, and all aids were maintained in
good operating condition throughout the year.
Signal stations
Effective December 1, 1957, the U.S. Navy transferred the Flamenco.
Island Signal Station, located in the outer Pacific harbor waters, to
the Panama Canal Company for operation and maintenance. Cur-
tailment of funds and personnel in the Department of the Navy made
necessary this change in organizational management.
LOCKS OPERATION
In traversing the lock-type canal, ships are raised in three steps
to a fresh-water lake 85 feet above sea level. The Locks Division of
the Marine Bureau is primarily concerned with the operation and
maintenance of the three sets of locks, their related installations and:
facilities, including the periodic overhaul of underwater parts.
Gatun Locks near the Atlantic entrance to the Canal forms one-
continuous flight of three steps which raise and lower the ships 85
feet above sea level. The three flights at the Pacific entrance are
divided between Pedro Miguel Locks with one flight and Miraflores
Locks with two flights. Each of the twin chambers in each flight of
locks has a length of 1,000 feet, a width of 110 feet, and a depth of
70 feet. Since the flights are in duplicate, ships may pass in opposite
directions simultaneously.
The duration of a lockage depends on many factors, including the.
size of the ship, its handling characteristics, and whether the vessel is
locked separately or in tandem. This latter procedure is used to save
overall time and water. The normal lockage intervals are 40, 60,
and 80 minutes at Pedro Miguel, Miraflores, and Gatun Locks,
respectively.
The number of large vessels passing through the locks in fiscal year
1958 was greater than ever before. Ten-locomotive lockages increased
by 13.5 percent over the previous year; eight-locomotive blockages.
increased 6.1 percent. Total lockages showed an increase of approx-
imately 6 percent over the previous fiscal year.
Lockages-vessels handled
The number of lockages and vessels handled (including Panama
*Canal equipment) is shown in the following tables for the, fiscal years
1958 and 1957:
Fiscal year
Gatun Locks: t968 1rW7
Number of lockages .-----------.------------------- 8, 548 8, 053
Number of ships---- --- ---.--------------- 10, 882 10, 348
Pedro Miguel Locks:
Number of lockages.--------..---------------- -- 8, 815 8, 260
Number of ships ------. ------------------------- 11, 713 11, 198
Miraflores Locks:
Number of lockages..---------------.------------ 8, 655 8, 244
Number of ships ----. .---------...---- --------- 11,358 11, 105,

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Locks overhaul
SThe 5-year overhaul of the Pacific locks was accomplished, except
for rising stem valves in the Pedro Miguel center wall, which will be
.completed in July 1958. Preparatory work was begun early in fiscal
year 1958, and overhaul work proper began at Miraflores on January 4,
1958, and remained inprogress during the balance of the fiscal year.
All underwater parts were inspected, repaired, cleaned, and painted
as required. Ten miter gate leaves were unhinged for replacement
.of bearings and bearing plates. Eighteen old rising stem valves at
Miraflores were replaced with new valves. Work in the Miraflores
-center culvert was done with both chambers in service and the culvert
isolated by use of lateral culvert plugs.
On June 7, the unwatered east chamber of the Pedro Miguel Locks
revealed a failure of one of the culverts and the adjacent floor areas on
either side amounting to a total of about 1,000 square yards of con-
crete. It was determined that the upheaval of the concrete had
-occurred during the first filling of the chamber following the overhaul.
Cleanup and repair work was completed on June 24, and consisted
*of repouring the top half of the lateral culvert that was ruptured;
repairing and sealing leaks in several other lateral culverts which
showed signs of weakness; and the pouring of about 1,000 square
yards of new floor slab.
WATER SUPPLY
The supply of water necessary for the operation of the Panama
SCanal in transiting of ships, the generation of electric power, and for
municipal use is derived from several tributary streams that flow into
Madden and Gatun Lakes which serve as storage and flood control
reservoirs of a drainage basin comprising 1,289 square miles. All
inflow from Madden Lake, whether drawn for hydroelectric power
-or spilled for lake control, flows into Gatun Lake and together with
the runoff from the area below Madden Dam is used for lockages,
power generation, and municipal purposes, or may be spilled to
*control the operating level of Gatun Lake.
Total runoff from Gatun and Madden Lake drainage basin for the
'fiscal year 1958 was 19 percent below normal and amounted to
3,870,552 acre-feet. Of this total, 41 percent was derived from the
basin above Madden Dam.
Runoff for the period, January-April, from the Gatun Lake Basin
amounted to 616,621 acre-feet, which was 31 percent above the
45-year average. From the area above Madden Dam, which consti-
tutes the greatest source of hydroelectric power, the total runoff
.amounted to 354,775 acre-feet, which was 28 percent above the 45-
year average for that area.
After deduction of evaporation losses from both lakes of 488,129
acre-feet, the remaining net yield or runoff amounted to 3,382,323,
which was combined with 313,934 acre-feet from lake storage and
used to furnish 1,462,925 acre-feet for Gatun Lake lockages (using
169 acre-feet per lockage of which there was an average of 23.8 per
day). Out of this net yield also, 1,459,344 acre-feet were used to
generate 84,025,200 kilowatt-hours at Gatun hydroelectric plant.
In addition, leakage and miscellaneous losses of 19,651 acre-feet were

THE WATERWAY

sustained during the period and of the remaining net yield municipal
requirements took 35,652 acre-feet, gain in storage of 313,934 acre-
feet, and the spilling,of 90,817 acre-feet at Gatun spillway for lake
regulation during the rainy season. Madden hydroelectric plant
used 1,166,528 acre-feet to generate 125,249,100 kilowatt-hours of
electricity.
For further details on water supply and expenditures, see table
27, chapter V, page 110.
MAINTENANCE OF CANAL CHANNEL
The Dredging Division is charged with the maintenance of the canal
channels from the Pacific entrance at Balboa to the Cristobal break-
water in the Atlantic. This division is also responsible for the opera-
tion and maintenance of all other navigable channels, harbors, and
anchorages; the extermination of impedimental plants in the canal
and its tributaries; and the maintenance of the Atlantic breakwater.
This maintenance of the canal channel, its terminal harbors, the
adjacent navigable waterways of the Panama Canal, and special
improvement projects was accomplished during the year with a 28-
inch suction dredge, a 13%-cubic-yard dipper dredge, and a 10-inch
suction dredge which was placed in operation in November 1957 to
be used in drainage correction work in the Telfers Island area, in
lieu of higher cost excavation by land machines.
Dredging operations are divided into three major areas; the Atlantic,
a Central, and a Pacific district. The canal channel is maintained at
the following predetermined controlling depths: For the Atlantic
district, from deep water in the Atlantic to Gatun Locks, is 42 feet
below meani low waiter; that for the Central district,.from Gatun Locks
to Pedro Miguel Locks, 42 feet below minimum lake level of 82 feet;
and that for the Pacific district, from Pedro Miguel Locks to Mira-
flores Locks, 42 feet below Miraflores Lake elevation of 53 feet; from
Miraflores Locks to deep water in the Pacific, 42.4 feet below mean low
water springs.
A total of 5,156,700 cubic yards of earth and rock was removed
from the harbors and waterways in 1958, an increase of 2.9 percent
over the 5,010,600 cubic yards in the previous fiscal year.
Slide incidence in Gaillard Cut was again below normal, with only
42,300 cubic yards of material being removed, bringing the total
material removal since June 30, 1913, to 52,929,550 cubic yards. The
Culebra Slide West continues to be the most active, and numerous
small bank breaks occurred but with movements of minor conscience.
A summary, of dredging operations for the fiscal year 1958 will be
found in table 28, chapter V, page 110.
REPLACEMENT OF LOCKS TOWING LOCOMOTIVES
In January 1958 the two test locomotives which had arrived in
December 1957, and which were placed on the north center wall of
Gatun Locks, were demonstrated to the Board of Directors of the
Company and to the Governor of the Canal Zone. The machines
proved to be nonoperative and were not acceptable. Further tests
were suspended pending corrective measures to bring them up to
measurable st.andi.rds of the specifications. Corrective work was

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begun in May. Preliminary tests were again performed in June and
indicated that the major repairs were satisfactory although the
.machines had not yet been.able to.demonstrate. their ability to handle
ships. A project operating schedule, prepared on the basis that no
major difficulty or serious delaying accident will occur, was scheduled
to begin on July 1, 1958. The towing devices are to be tested through
transits with two barges lashed together, small vessels, and oceangoing
ships.
CANAL IMPROVEMENT PROGRAM
The canal improvement, short range program, developed in 1957
was approved during 1958 for accomplishment. At year's end, dry
excavation had been completed and blasting was in progress on the
widening of Bend 1868 (Paraiso Curve). A contract was in progress
for lighting of the locks and Gaillard Cut on an experimental basis
only; preliminary geological data was being obtained with preparation
of plans and specifications under way on widening the Paraiso-Cucara-
cha Reach; and the projects of widening Bend 1660 and the Paraiso
Mooring Station have been deferred until 1961.
In the Canal Improvement, Long-Range, Special Studies Program,
general engineering studies, editorship and coordination of a report
are nearing completion under the direction of the Vice President who
is Chairman of the Working Committee for the Ad Hoc Committee.
It. includes updating and revision of 1947 cost estimates for Third
Lock and Sea Level canals, a study of the vulnerability of various
types of canals in this location, and an analysis of new construction
methods and equipment as related .t new. canal plants.
MARINE TRAFFIC CONTROL
During the fiscal year the Panama Canal Company contracted with
an engineering firm for a study of the present methods and equipment
for marine traffic control in the Panama Canal and for recommenda-
tions for improvements of a marine traffic control system.
A preliminary oral report was presented to Company representatives
and the final report, was scheduled for submission to the Company
early in fiscal year 1959. This report recommended the installation
of an extensive electronic marine traffic control system. The pro-
posed system would be an integrated, or coordinated method of con-
tinuously providing and utilizing more complete, accurate, and up-to-
the-moment. information for scheduling and controlling the movement
of vessels in the canal.
CLOSING OF GAS MANUFACTURING FACILITY
For the past several years the possibility of closing the Industrial
Division's gas manufacturing facility has been considered. At the
close of the fiscal period a plan had been approved for its closing, and
negotiations for a contract with a firm in the Republic of Panama to
furnish oxygen, hydrogen, and acetylene were underway.
It was decided that the Storehouse Branch will handle the trans-
portation of the gas cylinders to and from the plant in Panama and
will have the responsibility for storing, issuing, and receiving cylinders

THE WATERWAY

and the maintenance and repair of cylinders. No sales will be made
to any military or commercial unit in the Canal Zone.
The Industrial Division gas plant will be converted to 60-cycle and
mothballed. The plant will be reactivated should the local source
of subject gases fail at any time in the future to meet contractual
obligations for supply of the gases to the Company. (On July 9, 1958,
a contract was signed between the Panama Canal Company and the
Panamanian supplier, to become effective August 1, 1958.)
The new cost of the three gases to the consuming agency will be approxi-
mately the same as presently charged by the Industrial Division.
Savings will accrue through the following items: Plant additions
and replacements, rising rate of U.S. rate salaries coupled with effects
of the single wage plan in the Canal Zone, community services to
Panama Canal Company employees; and the intangible cost of main-
taining an extremely hazardous gas manufacturing facility in a heavily
populated industrial area and in the vicinity of a heavily populated
residential area.
FERRY SERVICE
The Thatcher Ferry service operates across the canal near the
Pacific entrance of the canal. It is operated as a public service and
no charge is made for its use. Service is maintained by retaining
three diesel ferryboats on a daily schedule, with two ferries being in
simultaneous service. A third ferryboat is kept in reserve to relieve
the two regular ferries during periods of overhaul and to carry tourists
and special parties in the canal as required. Statistical data on the
ferry service for the past 2 fiscal years are given below:
Fiscal year
1958 1957
Single trips made ------------------------------- 22, 945 27, 144
Total vehicles carried ---------------------------_ 512, 878 606, 648
Total passengers carried-------------------------- 3, 663, 587 4,281, 474

During the year some 7,716 tourists, special parties, and 3,568
schoolchildren were passengers on ferry trips through Gaillard Cut,
partial canal transits, and excursions on Gatun Lake.

iC4aes 111

SUPPORTING OPERATIONS

It is doubtful if there is any other Federal organization in the
world that embraces the variety of distinct, but closely interrelated
activities that are found in the Canal Zone. In support of the mainte-
nance and operation of the waterway and incident to the civil govern-
ment of the Canal Zone, the Company conducts many auxiliary
operations that are essential to the accomplishment of its basic mission.
These include rail, ocean, and highway transportation; public-utility-
type services; the operation of retail stores and housing for employees;
and a wide variety of engineering, supply, and service functions.
These services are also made available to other Federal agencies in
the Canal Zone and, to a limited extent, to the Republic of Panama.
EMPLOYEE SERVICES
Supply and Community Service Bureau
Under the program of regrouping facilities, the integration of the
Service Center, Commissary, and Storehouse Divisions was formally
effected July 1, 1957. The Supply Division has two branches-the
Storehouse Branch and the Sales and Service Branch, which comprises
all activities formerly operated by the Commissary and Service Center
Divisions. Its principal objectives and responsibilities consist of:
procurement of supplies and materials, storage and sales thereof;
scrap processing; and operation of theaters, restaurants, and bowling
alleys.
The Community Services Division has the responsibility of housing
management and attendant operations; care of public buildings and
grounds; operations pertaining to collection of garbage and trash;
street-cleaning facilities and cemetery maintenance.
In addition, in November 1957, the responsibility for direction of
the Procurement Division was transferred from the New York Office
to the Director of this Bureau.
SUPPLY DIVISION
Sales and Service Branch
Service center operations
The service centers provide certain essential sales and recreational
facilities for the employees of the Company/Government organization,
their dependents and guests, as well as others authorized or entitled
to receive Canal Zone privileges. These facilities include cafeterias,
soda fountains, guest accommodations; recreational activities such as
theaters, bowling alleys, and merchandise sections. In addition,
rental space is conveniently furnished for the use of the various
licensee shops, which include barber, beauty, shoe, tailor, and dress-
making establishments, public libraries, and union organizations.
25
495687-59-3

SUPPORTING OPERATIONS

Implementation of the 1955 treaty commitments and deactivation
of two communities resulted in the closing of several retail units and
the initiation of several new ones. Revenues increased slightly, a
total of $23,285 in gross income being shown over the 1957 fiscal
figure.
Retail stores, warehousing, manufacturing, and allied operations
The retail stores, warehouses, manufacturing plants, and related
operations provide food supplies, clothing, general household, and
other essentials to U.S.-citizen employees and their families in the
Canal Zone and in the Republic of Panama, to noncitizen employees
residing in the Canal Zone, and the members of the Armed Forces.
In addition to retail stores in the Canal Zone, the operation of gasoline
service stations, warehouse facilities, a bakery, coffee-roasting facilities
a dairy, and a laundry were maintained throughout the year.
Retail stores and related operations
During fiscal year 1958, an intensified program of realignment of
operations consistent with the policy of offering merchandise and
services at the lowest possible prices to support good business practices
was continued. Loss in retail store sales as a result of implementation
of treaty commitments was slightly less than anticipated and in-
ventories were increased beyond originally planned levels. A drop
of 22 percent from the previous year was sustained in retail sales,
services, and issues. Revenues for fiscal year 1958 were some
$4,920,138 under fiscal year 1957 volume.
Storehouse Branch
The organizational units of this branch include administrative,
stock management, warehousing, scrap, and salvage operations;
excess disposal; and office furniture and equipment pools.
During the year excess stocks held in this branch of the division
were brought down from a value of $700,712 to $57,673.
A continued program of regrouping facilities and rewarehousing
stocks so as to promote efficiency in the warehousing activity and to
reduce operating and depreciation expenses to a minimum was vigor-
ously pursued throughout the fiscal period.
Scrap operations were curtailed this fiscal year due to the business
recession in the United States which caused a drop in the market
price of scrap. Improved scrap-processing operations were initiated
that resulted in an appreciable decrease in operating costs.
Methods of operation in office equipment and furniture pools were
studied throughout the fiscal period, resulting in improvements in
several areas. Unserviceable pool items retired reached a total of
767 in comparison with 1,061 in 1957; acquisitions of new equipment
for the fiscal year period totaled 906 in comparison with 352 for
fiscal year 1957.
PROCUREMENT DIVISION
This division, comprised of three commodity branches and one
administrative branch, is charged with the responsibility of providing
procurement services to the Supply and Community Service Bureau.
The division is also responsible for the forwarding, expediting, and
correlating of shipments to the isthmus in compliance with required

PANAMA CANAL COMPANY

delivery dates. Food items, supplies, materials, and equipment are
purchased for use of the Company in the Canal Zone, in its New York
operations, or for resale to its employees. This division continued
its liaison service between the Engineering and Construction Bureau
and States contractors on all open contracts.
During the fiscal year 1958, the division made 22,752 awards for
purchases valued at $14,183,125, in comparison with 20,003 awards for
purchases valued at $14,771,658 in fiscal year period 1957.
Although the dollar value of the purchasing workload decreased in
1958, line items handled and vendors solicited increased by 10 percent
and 19 percent, respectively, as a result of expansion of merchandise
lines and the purchasing of smaller quantities more frequently in order
to hold inventories as low as possible. By taking advantage of the
various economic opportunities offered in procurement of goods
throughout the year, a total of $149,296 in savings was effected by
the division.
COMMUNITY SERVICES DIVISION
Housing Branch
The Panama Canal Company operates living quarters for all U.S.-
citizen employees and, to a limited extent, for non-U.S.-citizen
employees.
No new housing construction was begun during the year. However,
effective January 14, 1958, sixty-nine 4-family apartment buildings,
comprising 124 3-bedroom apartments and 152 2-bedroom apartments,
and four 1-family buildings located in the Coco Solo area were added
as U.S.-citizen housing when the Department of the Navy released
them to the Company. The demolition program was accelerated
during the year to accomplish the evacuation of a total of 16 U.S.-
citizen quarters buildings and apartments, and a total of 521 non-U.S.-
citizen quarters buildings, apartments, and bachelor rooms.
A reduced operating margin this fiscal year over last year reflects
increased maintenance requirements on all residential housing and is
attributed mainly to increases in Canal Zone rates and U.S. Wage
Board labor rates.
Revenues for U.S.-citizen housing were slightly under those for
fiscal period 1957. The financial results of the non-U.S.-citizen
housing show a substantial improvement over fiscal year 1957 as a
result of a rental increase made effective in January 1957. The
operating deficit was reduced to $17,270.
U.S.-citizen quarters
As of June 30, 1958, there were 2,460 family units in operation for
citizen employees and their families. These excluded 8 apartments
held in a standby status and 313 substandard units that were in the
process of demolition or transfer to the Republic of Panama. With
the exception of three occupants, the complete evacuation of New
Cristobal has been accomplished
Non-U.S.-citizen quarters
As of June 30, 1958, there were 1,854 family units in operation for
non-U.S.-citizen personnel and their families. In addition, 88 family
apartments were in the process of demolition or transfer. During late
calendar year 1957, seven 12-family buildings at Pedro Miguel were

SUPPORTING OPERATIONS

reactivated for use as the final demolition program of La Boca was
accomplished. There were 228 fewer non-U.S.-citizen families occu-
pying quarters on June 30, 1958, than on June 30, 1957.
Other activities
The Housing Branch of the Community Services Division is also
responsible for the administration, care, and maintenance of the
Company/Government buildings. Care of grounds, collection and
disposal of trash and garbage; cleaning of streets within townsites in
the Canal Zone; landscape activities; and operation and maintenance
of Summit Park and the Canal Zone cemeteries are administered by
the Grounds Maintenance Branch.
There was no change of consequence in the workload of the Company
and Government building subprogram. The increase in depreciation
expense includes the reinstatement of plant previously offset by
economic valuation allowance, and the provision of special reserves
to offset the net book value of 16 Company buildings licensed to
various religious, civic, welfare, and commercial groups.
Canal Zone rate wage increases and upwardly revised truck rental
rates, effective July 1, 1957, account for the two major areas of
increased operating expenses of the care of grounds. The addition
of 200 acres of housing areas in Coco Solo and Pedro Miguel added to
the workload of both branches; however, the phaseout of the towns
of La Boca and New Cristobal offset this increase.
Added depreciation costs on new replacement machines and Canal
Zone rate wage increases account for the increased operating expenses
of the Garbage Collection and Disposal Unit. The closing margin
approximates $29,333 as compared to the budgeted figure of $17,300.
This difference is due to the failure of anticipated reductions in the
volume of service furnished to the military.
The street cleaning, Summit Park, and cemeteries operations all
continued at the approximate levels of the 1957 operating figures.
TRANSPORTATION AND UTILITY SERVICES
Railroad operations
The Panama Railroad comprises 48 miles of main-line single track
across the isthmus between the terminal cities of Panama and Colon.
In addition, it furnishes industrial switching service to the most
important Company/Government and Armed Forces warehouses and
installations, as well as to some industrial facilities in the Republic of
Panama. It also maintains appurtenant freight and passenger
stations, railroad yards, and locomotive and car repair shops. It
serves all Federal Government agencies on the isthmus and is a
common carrier serving commercial interests in the Canal Zone and
the Republic of Panama.
Passenger and freight workloads of the division showed increases of
33% percent and 18 percent, respectively, during the fiscal year over
the previous year's figures. The increase in passengers carried pro-
duced a 22 percent increase in income, while the increase in freight
tons hauled accounted for a 15 percent increase in income. Due to
an overall workload increase with the exception of a reduced workload
on the docks and piers which produced a reduction in switching

PANAMA CANAL COMPANY

locomotive service income, and the reduction in force, the operating
deficit was reduced by 51 percent.
Comparative workload and income statistics are shown in the
table below:
Fiscal year
1958 1967
Passengers carried.-----------..-------------------- 540, 641 405, 406
Revenue freight tons carried------------------------- 129, 121 109, 720
Passenger service income-...------------------------- $433, 165 $353, 743
Freight service income .---------------------------- $731, 953 $637, 689
Switching and locomotive service income ------------- $64, 104 $75, 933
Net operating deficit ------------------------------ $124, 830 $252, 071
Motor transportation
The Motor Transportation Division operates two fully equipped
repair shops, one at each canal terminal, and small repair facilities
located in the Cristobal and Balboa pier areas; motor pools from three
central garages; and a tire retreading plant at the Ancon garage. The
division also maintains the motor vehicle fleet and various other types
of power-driven equipment used by the Panama Canal Company/
Canal Zone Government for construction, materials handling, fire-
fighting, grounds maintenance, and related motorized equipment
owned by various units of the Company/Government. In addition,
it also provides miscellaneous repair services to other U.S. Government
agencies, employees, and others authorized to utilize such services.
It supervises the operation of public bus transportation systems op-
erating on both sides of the isthmus under franchise or concession, and
performs annual inspections of commercial and privately owned motor
vehicles as required by Canal Zone traffic regulations.
Various Company/Government projects and other factors contrib-
uted to the overall increased demand for motor transportation services
which resulted in a workload that was greater than that anticipated
and budgeted for the year.
The decrease shown in repair shop services furnished to units of the
Company/Government and others eligible to use such services is due
primarily to reduced credits from setting up only 52 new vehicles in
the year as compared to 123 new vehicles in the previous fiscal year.
Approximately 42 percent of the repair shops' workload was utilized
in repair and maintenance of the division's motor fleet. Significant
workload indices for the fiscal year as compared with the previous year
are given below (reduction in transisthmian hauling is result of Com-
pany/Government units using railroad to fullest practical extent):
Fiscal year
1958 1957
Vehicles in service------------------------------ 535 535
Vehicle mileage -----------------------------. 5,757, 000 5,488,000
Transisthmian freight hauled (tons)--------------- 14, 662 19, 791
Number of line handlers carried (transisthmian).... 53, 682 65, 175
Repair shop services furnished others ------------ $394, 872 $419, 048
Operating margin (or deficit) --------------------- 28, 318 ($2, 513)
Steamship operations
The Panama Canal Company operates the Panama Line which pro-
vides a regular freight and passenger service between New York and
the Canal Zone, via Port-au-Prince, Haiti. The steamship line is an
important adjunct to the operation and maintenance of the Panama

SUPPORTING OPERATIONS

Canal, furnishing ocean transportation for the large quantity of goods
required by the Panama Canal Company/Canal Zone Government,
and supplying passenger transportation for employees and their fam-
ilies between the Canal Zone and the United States. Commercial
passengers and freight are accepted on a space-available basis.
This is the first year in which the two remaining vessels, the SS
Ancon and the SS Cristobal, operated under the new schedule which
provided for 41 round-trip voyages annually. During the last 6
months of the fiscal year the business recession, affecting shipping
throughout the world, was experienced also by the Panama Line. In
spite of an initial 6 months' profit, the operating loss of the line at
year's end rose to $111,041, primarily because of lower freight traffic.
In addition, and contributing also to this loss, was the political unrest
in Haiti, and a planned rehabilitation program initiated during the
year to improve the mechanical and structural condition as well as the
appearance of the two vessels as rapidly as the financial situation
allows.
Shown below is the statistical comparison of the fiscal years 1958
and 1957:
Fiscal year
Workload 1958 1967
Number of completed voyages----------------------- 41 45
Tons of freight carried ----------------------------- 167, 951 199, 915
Average number of tons per voyage-_----------_-----_ 4, 096 4, 442
Number of passengers carried---------------------- 9, 528 10, 739
Average number of passengers per voyage ------------- 232 238
Operating margin (or deficit)-------__-----_--- ---- ($111,041) $64,724
Electrical power system
The Panama Canal Company provides all electric power used in
the Canal Zone. It operates and maintains hydroelectric and diesel
generating stations, substations, transmission lines, and appurte-
nances. Two hydroelectric generating plants, one at Gatun and the
other at Madden Dam, provide the normal power needs of the Canal
Zone. Three major diesel standby plants are maintained to supple-
ment the hydroelectric plants when water supply is inadequate.
The combined generated output of the power system for fiscal year
1958 was 250,177,080 kilowatt-hours, a decrease of 4,798,020 kilowatt-
hours, or 18.8 percent less than 1957. A total of 222,640,477 was
delivered to customers as compared with 229,108,926 for the preceding
year. Due to the prolonged dry season, diesel generation for water
conservation was the heaviest on record. The total diesel power
generated, 41,004,380 kilowatt-hours for the year, was 89.2 percent
greater than the previous heavy record in 1949.
Further particulars on electric power generated will be found in
table 29, chapter V, page 111.
Co communications system
The communications system consists of two main exchanges located
in Balboa and Cristobal, with small exchanges at Pedro Miguel,
Gamboa, Gatun, and Coco Solo, with their respective distribution
systems connected by two transisthmian trunk cables. The system
is independent of, but interconnected with, the Army and Navy
systems in the Zone, and with the systems in the cities of Panama and
Colon.

PANAMA CANAL COMPANY

At the end of the fiscal year 1958; there were 7,670 telephones in
service, as compared with 7,543 telephones in service at the end of the
preceding fiscal year, an increase of 127.
Water system
The Water Branch continued to supply all the filtered water require-
ments of the Canal Zone, including that required for shipping, Armed
Forces installations, the cities of Colon and Panama, and suburban
Panama in the Republic of Panama.
The system consists of two principal units, one serving the Pacific
side of the isthmus, and the other the Atlantic area. The Pacific
unit takes its water supply from the Chagres River near Gamboa,
from which point the raw water is pumped to a filtration and treat-
ment plant at Miraflores. The Atlantic side unit receives its water
from Gatun Lake, from which water flows by gravity to a filtration
and treatment plant at Mount Hope. Each unit has its own pumping
stations, reservoirs, mains, and distribution piping. Two laboratories
are maintained as adjuncts of the water system to perform the neces-
sary tests to assure the production and distribution of safe, potable
water. In addition to work performed in connection with water
purification, the laboratories render various chemical, physical, and
bacteriological tests for other Company/Government units and outside
agencies. They also handle the chemical inspections for explosive
and asphyxiating gases on burning or damaged ships.
The total annual production of water for this fiscal period is 1.1
percent lower than in fiscal year 1957. The increased use by Panama
and suburban Panama was more than offset by the reduced use by
the Armed Forces and a reduction in water consumption by the city
of Colon.
The table below shows for the fiscal year 1958 and 1957 the con-
sumption of filtered water for municipal purposes and for sales to
vessels:
Fiscal year 1958 Fiscal year 1967
(Thousands of cubic feet)
Canal Zone (including Armed Forces) ------- ----- 562, 997 605, 030
City of Panama (including suburbs) ------__-- --- 737,838 707,464
City of Colon ----- ---.------ -----...----------- 175, 014 179, 551
Sales to vessels _-------- ---------------- 22, 054 23, 345
Total ------------------------- -----._ 1, 497, 903 1, 515, 390
Printing plant
The printing plant performs the general printing and bookbinding
services that are required by the Panama Canal Company/Canal
Zone Government and other U.S. Government agencies operating on
the isthmus. Authorized under regulations of the Joint Congressional
Committee on Printing, it supplies letterpress and offset. printing,
provides addressograph and bookbinding services, and other miscel-
laneous printing services.
While the workload of the printing plant decreased slightly (1 per-
cent) in the number of print impressions registered, the number of
production units increased by 1,812,846 in fiscal year 1958 in com-
parison with last fiscal year, an overall gain of 20 percent, in plant
production. During the year, five positions were abolished in the
plant as a result of improved operating procedures and methods.
Total revenues and credits for the fiscal year amounted to $351,683,

SUPPORTING OPERATIONS

with total expenditures of $351,806, resulting in a net operating
loss of $123.00.
Vessel repairs
The Industrial Division of the Marine Bureau provides repair
facilities for commercial and Government shipping in the Canal Zone.
Its operations are centralized in Mount Hope at the Atlantic terminal
of the canal, and consist of a shipyard, drydock, shops, and related
operations. A large drydock at Balboa, on the Pacific side, is main-
tained in a state of readiness for emergency use only as are other
repair facilities.
A total of 1,063 vessels, 65 feet or over, were repaired during the
year, accounting for 1,763 ship-days. There were 43 vessels of this
class drydocked during the year.
Normally, the Company's own floating equipment provides the
largest single source of work for the division through its routine dry-
docking and overhaul. During fiscal year 1958 Company sources
provided the principal workload and backlog throughout the entire
year, and accounted for 49 percent of total revenues earned and 61
percent of the productive force. Actual workload in the division
declined during the latter part of the year mainly because of cancel-
lation of scheduled Navy work due to redeployment of these locally
based naval craft to other areas.
Harbor terminals operation
The Company's terminal facilities consist of wharves and piers,
with about 3 miles of berthing space, and other appurtenances
necessary for handling, transferring, and stevedoring of cargo landed
at the Atlantic and Pacific terminals of the canal either for ultimate
destination in the Canal Zone or the Republic of Panama, or for
transshipment to points beyond the isthmus. Facilities also include
a tank farm at each terminal for storage of petroleum products, fuel
handling plants for the transfer of petroleum products to storage
facilities and for the delivery of bunker fuel to vessels at terminal piers.
Cargoes handled include imports for the Canal Zone and the Re-
public of Panama, outgoing isthmnian cargo, and the transshipment
of cargoes to various world ports. A total tonnage decline of 11 per-
cent during 1958 from the previous year's total is shown in the com-
bined cargo stevedored between ships and shore at the two canal
terminals, transferred between ships, or otherwise moved over the
piers. Among the primary factors accounting for this loss were the
direct shipments of coffee and raw cotton from west coast Central
American ports to Europe and Japan, the curtailment of Armed
Forces shipments, continued reduction in the Company's commis-
sary sales, and decreases in scrap and banana exports. Improved
cargo-handling techniques were introduced during the year to increase
productivity on the piers.
In compliance with the 1955 treaty, pier No. 3, located in Colon
Harbor, was transferred to the Republic of Panama on November 7,
1957. This pier is a small pier, 160 feet long and 60 feet wide, located
in the port of Colon adjacent to Cristobal Harbor. It is used by small
vessels in coastal trade with Panama. While under the jurisdiction
of the Panama Canal Company, the use of this pier was restricted
to vessels whose length did not exceed 125 feet.

PANAMA CANAL COMPANY

Comparative combined cargo movements in tons of cargo steve-
dored and financial results thereof are as follows:
Fiscal year
1958 1957
Combined cargo movements between ships and piers-_ 940, 527 1, 050, 165
On the pier--------------------------------.----- 892, 560 999, 440
Total (revenue tons)------------------------ 1, 833, 087 2,049, 605
Income..-------------------------------------- $4, 191,109 $4, 528, 316
Expenses- .-------------------------------.----- $3, 823, 724 $3, 737, 436
Net income-------------------------.----- $367, 385 $790,880
The marine bunkering operations which is the other prime function
of the Terminals Division is concerned primarily with the pumping
and inward handling of petroleum products from tankers to storage
tanks, both Company and privately owned, and the outward handling
of such products from storage tanks to vessels or to tank farm loading
platforms for local consumption.
The increase in receipts in view of an overall decrease in the work-
load was in a large measure due to the discontinuation of the practice
of loaning products among local oil companies. The decrease in
overall workload is due primarily to reduced bunkers to vessels,
reflecting in part the depressed state of shipping, and to the return
to regular trade routes and bunkering at other ports of shipping that
was diverted to the Panama Canal during the Suez Canal closure.
The following comparative workload data is furnished for fiscal
years 1958 and 1957:
Fiscal year
Workload 1958 1957
Combined receipts (Cristobal and Balboa) -------- 8. 686, 386 8, 589, 190
Combined issues (Cristobal and Balboa) --------- 7, 724, 516 8, 359, 083
Total barrels of products moved ---------- 16, 410, 902 16, 948, 273
Tankers discharging (Cristobal and Balboa)-------- 127 120
Vessels bunkering ------------------------------ 2,823 3,061
PRINCIPAL ENGINEERING AND CONSTRUCTION PROJECTS
Bridge, Balboa, C.Z,
Construction of a high-level bridge spanning the canal channel on
the Pacific side of the isthmus is scheduled to begin during the coming
fiscal year. The completion of this bridge will fulfill treaty commit-
ments made between the United States of America and the Republic
of Panama.
During November 1957, a contract was awarded to an engineering
company to make preliminary studies and estimates. A five-man
Board of Consultants was appointed for the purpose of evaluating
designs and to provide general engineering consulting services. This
board consists of: Ralph A. Tudor, Panama Canal Company Board
member; Roland P. Davis, Dean Emeritus of the University of West
Virginia; F. C. Turner, Deputy Commissioner and Chief Engineer
of the Bureau of Public Roads; Edward B. Burwell, Jr., retired Chief
Geologist of the Office of the Chief of Engineers; and Aymar Embury
II, bridge architect of New York.
On April 10, 1958, the preliminary engineering report was presented

SUPPORTING OPERATIONS

-to the Panama. Canal Company and the Board of Consultants. A
three-span, arch-truss-type bridge was selected as the most feasible
from the standpoint of design, cost, and ease of construction, and a
contract for the full design of the bridge was awarded. A considerable
amount of preliminary work remains to be done, much of which will
hinge on the selection of the alignment of the bridge and its approaches
which were still under study at the close of the fiscal year.
This bridge will permit uninterrupted highway traffic movement
across the canal. Its overall length will be slightly over 2 miles
from the ends of the highway approaches on the east and west sides.
The main span crossing the canal will be 1,128 feet long and will have
a minimum clearance of 201 feet above the canal at mean high tide.
The bridge will connect with Thatcher Highway on the west, while
the east side approach will provide vehicular outlets directly to the
Canal Zone and Panama City street systems at the Canal Zone-
Republic of Panama boundary limits.
Under a schedule for the bridge project submitted by the engineering
firm, preparation of the design plans and specifications can begin in
July 1958. It is anticipated that a contract for the substructure work
will be let by July 1, 1959, and the contract for the superstructure
shortly thereafter. Contracts for the approaches are scheduled for
award in December 1958 and February 1959. The project is sched-
uled for completion by December of 1962.
Sixty-cycle power conversion program
Eighteen major contracts were in progress during fiscal year 1958.
Included in these were five closely related replacement projects which
are being coordinated with the power conversion project. The five
related project contracts total $3,477,400 and the 13 conversion project
contracts total $7,030,800. The remaining major projects in the
power conversion program are: System voltage correction, $381,500;
conversion of unit No. 6, Gatun hydroelectric station, $230,000. The
contract for the conversion of Gatun, Pedro Miguel, and Miraflores
Locks amounts to $2,005,000. This contract is included in the total
for the five related contracts.
Conversion of all 25-cycle consumer equipment in the Atlantic
area to 60-cycle operation was virtually completed. In the Central
area, consisting of Gamboa, Santa Cruz, Summit, and Paraiso, con-
sumer equipment was completed except for the Gamboa pump station
and substation transformers. Conversion of the Pacific area com-
menced and proceeded energetically on or ahead of schedule.
Again the principal impediment to fieldwork was the constantly
recurring delay in receipt of materials ordered from U.S. manufacturers
or suppliers.
Phase I of increased dependable capacity of the locks
A 60-foot extension to the south end of the overhaul shed at Mira-
flores Locks was started and will be completed in fiscal year 1959. It
is required for storage of additional overhaul equipment involved in
Phase I.
All openings from side and center culvert laterals in the chamber
floors at Pedro Miguel and Miraflores Locks were reshaped to fit

PANAMA CANAL COMPANY

the lateral culvert plugs. Extensive cracks and open construction
joints in culvert laterals were found at Pedro Miguel. All those
between floor slab and culvert riser were closed with cement mortar.
There remain to be sealed a great many open construction joints and
cracks in laterals and risers in both lanes of Pedro Miguel Locks.
This must be done to seal off leakage to a point where use of the
lateral culvert plugs will be practical. ::
A sluice gate was installed in the center culvert drain at Pedro
Miguel to facilitate its control. Two elevator shafts, one in each
level, were constructed at Miraflores, and one shaft at Pedro Miguel
Locks for direct access to the center culvert. A well for the culvert
dewatering pump was constructed at the south end of the center
culvert at Miraflores and a similar well was constructed at the south
end of Pedro Miguel.
AMiscellaneous and other projects
Other major engineering and construction projects initiated or
concluded during the year included the remodeling of the Governor's
residence; construction of executive quarters for the Lieutenant
Governor; modernization of the Administration Building and instal-
lation of air conditioning, Balboa Heights, and modernization of the
Terminals Building in Cristobal; remodeling of the former Ancon
Commissary to provide office space; alterations to Balboa Heights
Post Office; rehabilitation of Coco Solo housing project; reconstruction
of the air-conditioning system in the Civil Affairs Building; designs
for retail store and gas station at Coco Solo, Civil Defense Control
Center, and the Pacific side passenger and freight terminals; site
development studies for a new housing development, studies and
designs for improvements to quarters; rewiring of Administration
Building, Cristobal, and replacement of electrical distribution system,
Cristobal piers; replacement of raw water pumps and appurtenances
at the Gamboa pump station; replacement of pumping and electrical
systems for locks caisson No. 1; replacement of streets at Old Cristobal
and Margarita; and remodeling of BOQ for an elementary school at
Coco Solo.
Operations, and capital construction by contract
Nearing the fiscal year's end, contracts in force reached a peak
of $4,200,000 in March and April, and finished the year with $3,800,000.
This was a 280 percent increase over the $1,500,000 at the beginning
of the year. Forty-one Company/Government operations contracts
were awarded during fiscal year 1958 having a total value of $693,000.
Forty-seven contracts for capital construction were awarded for a
total of $3,414,000 and the earnings amounted to $980,000.
Boyd-Roosevelt highway maintenance
Regular maintenance and emergency work was accomplished on
the 45.81 miles of this highway located within the Republic of Panama.
Emergency work consisted of the removal of road-blocking slides
and replacement of failed culverts.

S SUPPORTING OPERATIONS

So8a Hill quarry
The quarry continued at a higher level of production than for the
previous fiscal year.

Quarry and crushing_------------
Concrete mixing plant____-______
Asphalt mixing plant ..-----_----

Unit
cubic yard- .--
--do--------
ton ----------

Produced Produced
Daily fiscal year fiscal year
capacity 1958 1957
385 38,532 31,030
230 4,538 3,511
160 13,134 6, 053

Atee IV

ADMINISTRATION

MAJOR ORGANIZATIONAL CHANGES
During the past fiscal year a number of organizational changes were
made in an effort to improve efficiency within the operations and to
provide better service to all concerned.
Effective July 1, 1957, a Tabulating Section was established in the
General Ledger and Processing Branch of the Accounting Division,
to replace the Machine Tabulating Section of the Administrative
Branch.
Effective July 1, 1957, the general accounting functions of the
Supply Division were transferred to the Supply Accounting Section
in the Office of the Comptroller.
Effective July 14, 1957, Plant Accounting Branch and Plant
Evaluation and Transfer Staff, were merged into one organizational
unit, the Plant Accounting Branch.
Effective October 1, 1957, the Commissary Division, Hotels Wash-
ington and Tivoli, Service Center Division, and Division of Store-
houses were consolidated into the Supply Division of the Supply and
Community Service Bureau. This division now consists of the
Commissary Branch, Service Center and Hotel Section, Motion
Picture Unit, and Storehouse Branch. The Housing and Grounds
Division was subdivided into Grounds Branch and Housing Branch.
Effective October 6, 1957, the Aids to Navigation Section of the
Marine Bureau was consolidated with the Dredging Division of the
Engineering and Construction Bureau.
On November 3, 1957, the responsibility for direction of the Pro-
curement Division was transferred from the New York office to the
Supply and Community Services Bureau, Canal Zone.
Effective November 7, 1957, the Hotel Washington was turned
over to the Republic of Panama. Also transferred on this date to
the Republic of Panama was pier No. 3, of the Terminals Division
operation, Atlantic side.
On December 1, 1957, the U.S. Navy turned over the Flamenco
Island signal station to the Marine Bureau, Port Captain, Balboa,
for operation and maintenance.
Control of the Company/Government's capital obligations and
expenditures was transferred from the Comptroller's office to the
Engineering and Construction Director.
MAJOR PERSONNEL CHANGES
Col. Hugh M. Arnold (USA) (CE) was reassigned to Lieutenant
Governor-Vice President, effective July 10, 1957, vice Colonel Herman
W. Schull, Jr. (USA), relieved from duty July 9, 1957.
Col. John D. McElheny (USA), Lieutenant Governor-Vice Presi-
dent-designate, arrived in the Canal Zone preparatory to assuming
duties upon departure of Col. Hugh M. Arnold, July 12, 1958.

ADMINISTRATION

Capt. Peter Grosz, Jr. (USA), was detailed from the U., nmy as
Military Assistant to the Governor, effective July 12, 1057, vice
Major David H. Smith (USA), relieved from duty July 26, 1957.
Lt. Col. Robert D. Brown, Jr. (USA) (CE), was detailed from theb
U.S. Army, effective August 3, 1957, as Engineering and Construction
Director, vice Colonel Hugh M. Arnold (USA) (CE), reassigned.
Mr. Lester A. Ferguson, General Manager, New York Operations,
was reassigned to the position of Supply and Employee Service
Director, effective October 29, 1957, vice Mr. Wilson H. Crook,
deceased.
Mr. John J. Barton was transferred May 29, 1958, from the Pro-
curement Division, to General Manager, Supply Division, Supply
and Community Service Bureau.
Capt. James A. Flenniken (USN), was appointed Port Captain,
Balboa, May 18, 1958, vice Captain Anthony C. Roessler (USN),
relieved from duty with the Panama Canal Company May 8, 1958.
Mr. Edward N. Stokes, Superintendent, Railroad Division, was
separated by reduction in force, effective July 31, 1957.
ORGANIZATION CHART
A chart of the Panama Canal organization as of June 30, 1958, is
included with this report.
FORCE EMPLOYED AND RATES OF PAY
The full-time force employed by the Panama Canal Company as
of June 30, 1958, totaled 10,844, an increase of 310, or 2.94 percent,
over the number employed on June 30, 1957. The increase consisted
principally of temporary employees who were employed for locks
overhaul.
The highly diversified activities of the enterprise include a large
number of different functions, and almost every employment category
will be found in the organization. For many years only citizens of
the United States were eligible for employment in executive, super-
visory, professional, subprofessional, and clerical positions. During
the past several years, however, properly qualified citizens of the
Republic of Panama have been eligible for appointment to these
positions in which special education, training, or other high qualifica-
tions are a requisite. The rates of pay for such positions, normally
referred to as "U.S.-rate positions," are based on rates for similar
positions in the Federal service in the United States plus, normally, a
25 percent tropical differential allowed in the case of U.S. citizens.
All positions for which the predominant area of recruitment is the
Panama labor market constitute a second category, the Canal Zone
wage group. The rates of pay within this group are based generally
upon locally prevailing rates of pay. At the present time, most of
these positions are those occupied by nonskilled or semiskilled workers,
helpers, laborers, etc. However, the number of skilled positions in
this group is increasing due to the increased utilization of non-U.S.
citizens in all positions for which suitably qualified local applicants
can be obtained. Most of these positions are filled by persons
indigenous to the areas adjacent to the canal, although a scattering
of nationals of other countries is included.

PANAMA CANAL COMPANY
STOCKHOLDER
PRESIDENT HON WILBER M BRUCKIER- SEC OF ARMY

OF THE GENERAL OFFICERS
UNITED STATES CHAIRMAN OF BOARD HON GEORGE H RODERICK
SASST SEC'Y OF ARMY
PRESIDENT WE POTTER
STOCKHOLDER MAJOR GENERAL S A
VICE PRESIDENT JOHN 0 MCELMENY
COLONEL U S ARMY
BOARD OF DIRECTORS SECRETARY MERRILL WHITMAN

PRESIDENT

COMPTROLLER VICE PRESIDENT SECRETARY
RESPONSIBILITIES AS SET RESPONSIBILITIES AS SET RESPONSIBILITIES AS SET
FORTH UNDER ARTICLE FORTH UNDER RTCLE F UN ARTICLE V FORTH UNDER ARTICLE V
SECTION 5, PANAMA CANAL SECTION 4, PANAMA CANAL SECTION 6, PANAMA CANAL
COMPANY BYLAWS COMPANY BYLAWS COMPANY BYLAWS

EXECUTIVE
PLANNING STAFF
CHIEF
LONG RANGE PLANNING
CAPITAL BUDGET
MANAGEMENT STUDIES
MANPOWER CONTROL
CANAL TRAFFIC STATISTICS
ECONOMIC STUDIES
ANNUAL AND MONTHLY REPORTS
- - - -i

PERSONNEL
BUREAU
DIRECTOR
EMPLOYMENT AND EMPLOYEE
UTILIZATION
TRAINING PROGRAMS
WAGE AND CLASSIFICATION
CIVIL SERVICE
CENTRAL LABOR OFFICE

I
OFFICE OF
GENERAL COUNSEL
GENERAL COUNSEL

LEGAL MATTERS
LEGISLATION

I
PUBLIC
INFORMATION OFFICE
INFORMATION OFFICER

PUBLIC INFORMATION ACTIVITIES
PUBLICATION OF PANAMA CANAL
REVIEW

OPERATIONS I

I
MARINE
BUREAU
DIRECTOR
CANAL NAVlGATION
PORT OPERATION
LOCKS
FERRUES
SHIP REPAIR
ROARD OF LOCAL INSPECTION
ADMEASUREMENT
BOARDING AART ES

I
ENGINEERING AND
CONSTRUCTION
BUREAU
DIRECTOR
DESIGN 5 CONSTRUCTION
MAINTENANCE OF BUILDINGS,
STRUCTURES D UTILITIES
STREETS, ROADS 8 SEWERS
PUBLIC UNTIL IT OPERATIONS
SURVEYS AND MAPPING
METEOROLOGY A HYDROGROPHY
CHA,,- MAN' ENANCE
GOVERNMENTAL ; -NCT ONS

I
SUPPLY AND
COMMUNITY SERVICE
BUREAU
DIRECTOR
PROCUREMENT
STOREHOUSES
EMPLOYEE SALES
EMPLOYEES QUARTERS
BUILDINGS AND GROUNDS
*CEMETERIES
GUEST HOUSE
INCLUDESS GOV T PROPERTY
GOVERNMENTAL FUNCTIONS

I
TRANSPORTATION
AND TERMINALS
BUREAU
DIRECTOR
TERMINAL PIERS AND DOCKS
CANAL ZONE FREIGHT AGENT
FOR PANAMA LINE
VARUNE BUNKERING
MOTOR TRANSPORTATION
PANAMA RAILROAD

I

SAFETY
BRANCH
CHIEF
SUPERVISION AND PROMOTION
OF SAFETY MEASURES
DEVELOPMENT AND IMPROVEMENT
OF ACCIDENT PREVENTION
PROGRAM

NEW YORK
OPERATIONS

ADMINISTRATIVE OFFICER
GENERAL PROCUREMENT (i)
STEAMSHIP LINE
ACCOUNTING FOR STArE'
PROCUREMENT 8 PANAMA
LINE

); UNDER ORECT ON F SUPPL
8 COMMUNITY' SERv.CE
OARECTOR

ADMINISTRATIVE
ASSISTANT

GENERAL OFFICE MANAGEMENT
IN OFFICE OF GOVERNOR
PRESIDENT
COORDINATION OF ADMINISTRATIVE
SERVICES AND PROCEDURES
OTHER DUTIES SPECIFICALLY
ASSIGNED

ADMINISTRATIVE
BRANCH
CHIEF
CORRESPOND NCE
OFF ICAL PHOTOGRAPHER
FiLES AND RECORD
MAIL
EMPLOYEE TRANSPORTATION
PRINTING. B'NING 8
DUIL RATING
GTE fMSHP iN-:'JrF R AGENT

STAFF

3

PANAMA CANAL COMPANY

The full-time force of the Company for employees paid at U.S.
rates on the isthmus numbered 2,463 on June 30, 1958, as compared
with 2,389 on June 30, 1957, an increase of 74, or 3.10 percent. The
full-time force of those paid at Canal Zone rates numbered 8,381 as
of June 30, 1958, in comparison with 8,145 on June 30, 1957, an
increase of 236, or 2.90 percent. In addition to employees in the
Canal Zone there were 381 U.S. citizen employees in the New York
office and 1 U.S. citizen and 10 non-U.S. citizens employed in Haiti
on June 30, 1958, as compared with 380 in the New York office and
1 U.S. citizen and 9 non-U.S. citizens in the Haiti office on June 30,
1957, an increase of 2.
The number of employees by function will be found in tables 30
and 31, chapter V, pages 111 and 113.
EMPLOYEES PAID AT U.S. RATES
Turnover in force
Three hundred and eighty-four full-time employees for whom
replacements were required terminated during fiscal year 1958, as
compared with 345 in fiscal year 1957. There were 85 employment
in addition to the 384 terminated employees who were replaced.
The net turnover rate (based on replacements on total terminations)
was 10.9 parcen t as compared with 9.8 percent in fiscal year 1957.
Voluntary terminations for the year totaled 222, a rate of 6.3 percent,
in comparison with 217, a rate of 6.2 percent in the previous year.
Involuntary terminations for fiscal year 1958 totaled 162, a rate of
4.6 percent, in comparison with 188, or a rate of 5.3 percent in fiscal
year 1957.
Recruiting
Of the 469 full-time additions to the isthmian U.S.-rate force
during fiscal year 1958, 81, or about 17 percent, were recruited from
the United States, and 388, or about 83 percent, were recruited
locally. The addition of these 469 employees represents an accession
rate of approximately 13.3 percent.
At the close of fiscal year 1958, there were 45 U.S. requisitions
pending, covering 58 U.S.-citizen positions.
Wages
On June 20, 1958, Public Law 85-426 granted a 10 percent increase
in wages for Classification Act employees, retroactive to January 12,
1958. On May 27, 1958, Public Law 85-426 granted a similar
increase for postal employees, retroactive to January 11, 1958.
Wages of a number of other U.S.-rate groups, including craft, super-
visory, floating equipment, power branch, railroad, printing plant,
and miscellaneous, were adjusted upward during the fiscal year.
The total annual cost involved was $2,024,392. The cost for fiscal
year 1958 amounted to $893,261.
1 Statistics in this section cover both Panama Canal Company and Canal Zone Government employee.

ADMINISTRATION

EMPLOYEES PAID AT CANAL ZONE WAGE RATES 2
Wages
No changes were reflected in the Canal Zone wage rate schedule
during the fiscal year. Automatic and administrative pay increases
at a total cost of approximately $153,608 per annum were given to
2,954 employees during fiscal year 1958. Annual increases were
given to approximately 100 schoolteachers in July 1957.
Cash relieffor disabled employees
The Cash Relief Act of July 8, 1937, as amended, affords a non-
contributory, unfunded system for the payment of gratuities to
employees of the Panama Canal Company and the Canal Zone
Government who are disabled through age or disease. This act
provides for a maximum monthly benefit of $1.50 multiplied by the
number of years of service, not to exceed a total of $45.
During fiscal year 1958, monthly payments averaged $167,857
($155,700 for the Company and $11,500 for the Government). The
average monthly payment per case was $37.81 for the Company and
$38.78 for the Government, with a combined average of $37.88.
New applications totaled 339, of which 295 were approved for
payment, as compared with 162 received and 89 approved for pay-
ment in fiscal year 1957. The increase in applications is the result of
a policy of deferment begun in 1957 for all of those employees reaching
62 years of age pending passage of legislation to bring non-U.S.
citizens under coverage of the Civil Service Retirement Act. This
legislation was not passed during the first session and consequently
those persons deferred in fiscal year 1957, as well as those employees
who became disabled or who reached age 62, were considered for
disability relief in fiscal year 1958.
Removals from the disability relief rolls due to death or subsequent,
reemployment totaled 255 for the Company and 19 for the Govern-
ment. The number of disability relief beneficiaries as of June 30,
1958, totaled 4,456 (4,154 for the Company and 302 for the Govern-
ment).
Repatriations
During fiscal year 1958, $1,304 was expended for the repatriation
and rehabilitation of four former non-U.S.-citizen employees and
their eight dependents. The number who can qualify under present
regulations is extremely small and this function is now of little con-
sequence.
Separations
Separations of Canal Zone rate employees were for the most part
involuntary. Of the 1,202 separations in fiscal year 1958, 7 were due
to reductions in force, 279 were transfers to the disability relief rolls
or deaths, 734 were terminations of temporary employees and dis-
charges; 182 were resignations.
2 Statistics in this section cover both Panama Canal Company and Canal Zone Government employees.

PANAMA CANAL COMPANY

INCENTIVE AWARDS 3
During the fiscal year 1958 the Company/Government organization
continued its program designed to stimulate beneficial suggestions
and meritorious performance of employees throughout both agencies.
Emphasis was placed on the quality of suggestions rather than on
the quantity of contributions. This year 378 contributions were
received in comparison with 503 in fiscal year 1957. Twenty-two
honorary award recommendations and 49 suggestions were approved
for cash awards totaling $3,235. Tangible savings resulting from
the adoption of the suggestions are estimated at $51,824 per year, the
highest estimate in the history of the program begun in 1956.
SAFETY PROGRAM
The safety program of the Panama Canal Company and the Canal
Zone Government is designed to develop and improve the program
of accident prevention, including the coordination of occupational
health, sanitation, and fire-prevention activities, and by reducing
disabling injuries, reduce the frequency rate, severity, and cost of
accidents. These functions and responsibilities are further emphasized
by the Federal Employees' Compensation Act, which in part authorizes
and directs the heads of the various departments and agencies to
develop, support, and foster organized safety promotion.
The Compa.ny/Government, accident prevention program made
gains in important areas during fiscal year 1958 over the previous
3-year average even though the year's activities included a hazardous
locks overhaul and the Panama Line operations were, for the first
time, included in the Company's safety records. The most notable
single gain among the various bureaus and the New York operations
was that, of the Transportation and Terminals Bureau which less-
ened its disabling injury rate by a total of 50 percent during the
past 3 fiscal years despite the fact that a large part of its operations
include high accident-risk stevedoring work. This Bureau's steve-
doring frequency rate for the calendar period 1955-57 was 9.27 as
compared to the 46.50 average reported by the National Safety
Council, for the entire stevedoring industry in the United States
during the same period. In addition, the Marine Bureau and the
Engineering and Construction Bureau made marked improvements
in reducing disabling injuries to their personnel over the same period.
During the fiscal period, the safety program successfully strove to
foster more active supervisor and employee participation in the
program and a greater sense of responsibility on the part of these two
groups for its success. The collective welfare was highlighted in terms
of relief from painful injuries while obtaining tangible employment
and other benefits from immediate and long-range economy of opera-
tion through the reduction of wasteful accidents. Stress was placed
upon the importance of joint employee, supervisor, and manage-
ment teamwork in accident prevention, which resulted in more closely
knit efforts on the part of management officials and employees, and
consequently in safer, improved equipment, conditions, and work
t Statistics In this section cover both Panama Canal Company and Canal Zone Government employees.

495687-59----4

ADMINISTRATION

practices. The results of this approach and its reception by super-
visors and employees have been such that increased reduction in
accidents is anticipated for fiscal year 1959. It is believed that the
groundwork has been provided for long-range improvement in acci-
dent prevention in all areas of the Company/Government.
Two fatalities occurred during the period and 127 disabling injuries
were sustained, resulting in considerably increased compensation costs
and arbitrary lost-time charges. However, this is the second lowest
number of disabling injuries recorded in a single year since 1941, or
since the opening of the canal for that matter. The fatality rate this
year is equivalent to 1 accidental death for every 6,775 employees, as
compared to the national average of 1 death for every 4,348 workers
employed, as reported for calendar year 1956 by the National Safety
Council. There were three injuries causing permanent partial dis-
ability as compared to four last year, and there was one permanent
total disability case this fiscal year.
This year's disabling injury frequency rate of 4.64 represents a 39-
percent increase over last year's rate of 3.35. However, this was the
third time in the history of the organization's accident prevention
program that the frequency rate was lower than the most recently
published national average of 6.27, which was a new low experienced
by all industry during the calendar year 1957, as reported by the
National Safety Council. This year's severity rate of 787 represents
an increase of 395 percent over the 1957 rate of 159. This rate repre-
sents the time charges in days per million man-hours of exposure.
Disabling injuries increased by 44 percent this fiscal year in compari-
son with only 88 sustained during 1957.
As a result of the safety achievements earned throughout the period,
the National Safety Council presented its highest award, the Award
of Honor for calendar year 1957 to the Company/Government and
to the Transportation and Terminals Bureau. This award is earned
on the basis of "outstanding improvement" in both disabling injury
frequency and severity over "par" rates prescribed by the Council
to rule out chance fluctuations.
The Governor-President Annual Safety Trophy, awarded each
calendar year to the bureau achieving the highest percentage im-
provement in disabling injury frequency rate over its own previous
3-year average, was awarded to the Transportation and Terminals
Bureau for their 64-percent improvement in 1957.
Safety Statistics
Fiscal year
1958 1967
Employee-hours of exposure-------------------- 27, 342, 000 26, 251, 000
Disabling injuries .----- ---------------------- 127 88
Injuries causing permanent partial disability------- 3 4
Injuries causing permanent total disability--- 1 0
Frequency rate 1------------------------------- 4. 64 3. 35
Severity rate -------------------------------- 787 159
Number of fatalities---------------------------- 2 0
Days charged ------------------------------- 21, 516 4, 163
1 Disabling injuries per million employee-hours of exposure.
2 Severity rate is the time charged in days, per million employee-hours of exposure.

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PANAMA CANAL COMPANY

LEGISLATION
During fiscal year 1958, Congress enacted six laws, briefly discussed
below, which apply to or affect the canal enterprise (in addition to
appropriation acts and various general acts which contain provisions
applicable to these agencies or to the Canal Zone).
The act of August. 30, 1957 (Public Law 85-223, 85th Cong.; 71
Stat. 509), authorized the conveyance of various lands and improve-
ments to the Republic of Panama in fulfillment of the 1955 treaty
and accompanying memorandum of understandings.
The act of August 30, 1957 (Public Law 85-231, 85th Cong.; 71
Stat. 514), amends the Fair Labor Standards Act of 1938, as amended,
to clarify its application in the Canal Zone and certain other overseas
areas.
The act of February 20, 1958 (Public Law 85-331, 85th Cong.; 71
Stat. 16), amends section 216(b) of the Merchant Marine Act, 1936,
as amended, to provide for appointments of cadets from the District
of Columbia, Guam, American Samoa, Virgin Islands, and the Canal
Zone. The effect of this act, so far as the canal enterprise is con-
cerned, is to include the Governor of the Canal Zone among officials
authorized to nominate candidates for annual competitive examina-
tions for the Academy, and provide for the allocation of two vacancies
each year to the Canal Zone.
The act of March 17, 1958 (Public Law 85-346, 85th Cong.; 72
Stat. 37), amends the Canal Zone Code to provide for the transfer
to the Canal Zone postal revenues of the amounts of money orders
issued by the Canal Zone postal service and remaining unpaid after
20 years from date of issuance.
The act of May 19, 1958, amends section 831 of title 5 of the Canal
Zone Code so as to make it a felony to injure or destroy communication
facilities in the Canal Zone.
The act of June 18, 1958 (Public Law 85-460, 85th Cong.; 72
Stat. 200), amends the definition of the term "State" in the Veterans'
Readjustment Assistance Act and the War Orphans' Educational
Assistance Act to clarify the question of whether the benefits of those
acts may be afforded to persons pursuing a program of education or
training in the Canal Zone.

6/q6Atewr

V

FINANCIAL REPORT AND
STATISTICAL DATA

FINANCIAL STATEMENTS AND RELATED SUPPLEMENTARY
REPORTS FOR THE YEAR ENDED JUNE 30, 1958
The financial statements of the Panama Canal Company appearing
in tables 1 through 11, with the accompanying notes, fairly present
the financial position of the Company at June 30, 1958, and the finan-
cial results of its operations for the fiscal year then ended. Tables 9
through 11 were previously published on October 10, 1958, as an
official release to the press and were included in the Annual Report of
Board of Directors to Stockholder.
All statements have been examined by the Internal Audit Staff of
the Company, and are subject to audit by the General Accounting
Office. Audit reports of the General Accounting Office are directed to
the Congress and are printed as congressional documents.
Supplementary information concerning funds, operating results,
payments to the U.S. Treasury, net direct investment of the U.S.
Government, and retained revenue is presented in the tabulations and
comments which follow:

Source and application of funds
The following is a condensed statement
applied during the year ended June 30, 1958:
FUNDS PROVIDED:
Income from operations (table 3)-------------
Add back nonfund transactions:
Provision for depreciation_---_---
Provision for locks overhaul------
Amortization of slide hazard--------
Miscellaneous_ --------_-----_--

of funds provided and

$2,656,382

$5, 262, 336
1, 040, 800
200, 000
50, 261

Total funds from current operations ------
Currently realized proceeds from sale of SS Panama____
Excess of market over book value of Canal Zone Government
properties transferred to Republic of Panama under 1955
treaty -----------
Decrease in accounts receivable -- ------------
Decrease in inventories ------------------------------
Increase in current liabilities------------------
Appropriation for Panama Canal bridge -------- -------- -
Total funds provided .-----------------------

6, 553. 397
9, 209, 779
1, 069, 500-

372, 540
640, 368
23, 343
145, 164
750, 000
12, 210, 694

PANAMA CANAL COMPANY

FUNDS APPLIED:
Acquisition of fixed assets ----------------- $7, 738, 274
Less net plant salvage----------------------- 310, 408
$7, 427. 866
Cost of overhaul of canal locks -------------------------- 2, 796. 548
Increase in cash.--------------------------------------- 1,791, 211
Increase in other current assets.-----------.----.-------_ -8, 014
Panama Canal bridge expenditures ----------------------- 187, 055
Total funds applied -------------------------------- 12, 210, 694

Financial operating results
Since its reorganization on July 1, 1951, the Panama Canal Company
has completed 7 years of operation without cost to the American
taxpayer. Net revenue for the fiscal year ended June 30, 1958, after
provision for payment to the U.S. Treasury of $8.8 million interest
on the U.S. Government's direct investment, and $10.7 million cover-
ing net cost of the Canal Zone Government, was $2.66 million as
compared with net revenue of $3.82 million for the preceding year.
As to dollar volume of traffic, fiscal year 1958 was the best in the
history of the Panama Canal. Tolls and tolls credits reached an all-
time high of $42.8 million, as compared with the previous highs of
$39.7 million for the preceding year and $37.5 million in 1953. The
decline in net revenue was caused by a sharp rise in operating expenses,
primarily due to wage increases, which more than offset the increase
in tolls.
Net direct investment of the U.S. Government
Certain properties, having an appraised market value of $4.8 million,
were transferred to the Republic of Panama to fulfill treaty obligations.
Additional properties, having an appraised market value of $14.7
million, will be so transferred during subsequent years. Public Law
85-223, approved August 30, 1957, provides for a reduction in the
interest-bearing investment of the U.S. Government for the economic
loss based on market value of such properties transferred and on net
capital loss of certain properties which have become excess due to
the Treaty.
Retained revenue
As provided by section 246 of title 2 of the Canal Zone Code, as
amended, the Company's retained revenue consists of all net revenue
from operations of the Company and its predecessor, the Panama
Railroad Company (New York), from and after 1904 plus the undis-
tributed net. revenue prior to 1904. All capital repayments made to
the U.S. Government by both corporations are treated by law as re-
payments of the Government's direct investment in the Company and
serve thereby to reduce the interest-bearing portion of the Govern-
ment's equity. The amounts thus applied to date are shown in Table 2,
Comparative Statement of Equity of U.S. Government.
Retained revenue, exclusive of a $10 million emergency fund held by
the U.S. Treasury, increased from $85,564,383 at June 30, 1957, to
$88,548,430 at June 30, 1958. The composition of retained revenue
is detailed in Table 2, Comparative Statement of Equity of U.S.
Government.

FINANCIAL REPORT AND STATISTICAL DATA

Table 1.-Statement of Financial Condition, June 30, 1958

Assets
CURRENT ASSETS:
Fund balances with U.S. Treasury and cash:
Fund balances:
Checking account-.. $26, 862, 697
Allocation from U.S.
Government agen-
cies-------------- 8, 905
Cash in commercial banks, on hand and
transit--------------------------

$26, 871, 602

3, 892, 555

Notes receivable---------------------------------------_
Accounts receivable:
Canal Zone Government- ------------_ $1, 387, 436
Other U.S. Government agencies------- 513, 374
Others ------------.--...--------- 1, 438, 172

Inventories, principally at average cost
(table 7):
Materials and supplies, less allowance of
$1,047,906 for excess, obsolete, and in-
active stocks----------------------- $4, 491, 880
Merchandise held for sale -----------. 3, 412, 911

$30, 764, 157

1, 069, 500

3, 338, 982

7, 904, 791

Other current assets------------------------------------ 201, 339

Total current assets.--------------------------------- 43, 278, 769
LONG-TERM NOTES RECEIVABLE- ------- __ _____----------- 2,139, 000

FIXED ASSETS (note 1 and table 8):
Cost-----------------------------------
Less depreciation and valuation allowances--

PANAMA CANAL BRIDGE:
Fund balance with U.S. Treasury-..----.._-
Construction work in progress ...---------

$598, 011, 736
185, 562, 286
412, 449, 450

$590, 382
159, 618

750, 000

DEFERRED CHARGES AND OTHER ASSETS-------------....------ 4, 044, 907

462, 662, 126

PANAMA CANAL COMPANY

Table 1.-Statement of Financial Condition, June 30, 1958-Continued
Liabilities and equity

CURRENT LIABILITIES:
Accounts payable:
U.S. Government agencies------------- $1, 355, 164
Others--..--------------------------. 2, 349, 927

Due U.S. Treasury:
Net cost of Canal Zone Government.... $1,644, 310
Interest on net. direct investment------- 710, 994
Annuity payment to Republic of
Panama---...---------------------- 35,833

Accrued liabilities:
Salaries and wages_------------------- $1, 794, 103
Employee's accrued leave -------------. 6, 606, 940
Damages to vessels -- ---- -- 463, 833
Others_---------------------------- 432,230

Customers' deposits and advances (includes
Army funds of $8,905.)-----------------------------
Other current liabilities.----------------------------
Total current liabilities- .. -- --------------

$3, 705, 091

2, 391, 137

9, 297, 106

345, 149

315, 030

16, 053, 513

RESERVES:
Periodic overhaul of canal locks --------
Noncapital costs of power conversion __.....

$1, 448, 531
4, 000, 000

EQUITY OF U.S. GOVERNMENT (note 2 and table 2):
Net direct investment, interest-bearing------ $351, 861, 652
Retained revenue, noninterest-
bearing --------------- $98,548,430
Less fund on deposit with
U.S. Treasury, available
on loan basis without in-
terest -------------- 10, 000, 000
88, 548, 430
Panama Canal bridge -------------.-----. 750, 000
441, 160, 082

462, 662, 126

The accompanying "Notes Pertaining to Financial Statements" are an integral
part of this statement.

5,448,531

FINANCIAL REPORT AND STATISTICAL DATA

NOTES TO FINANCIAL STATEMENTS, JUNE 30, 1958
1. Fixed assets.-Fixed assets generally are stated at cost, or if
acquired from another Government agency at original cost to such
agency. Valuation allowances have been established in accordance
with sections 246 and 412 of title 2 of the Canal Zone Code (1) to offset
the cost of defense facilities and suspended construction projects-
principally the partial construction of a third set of locks abandoned
in the early part of World War II-totaling $89.4 million and interest
during original construction aggregating about $50.9 million; and (2)
to reduce to usable value the cost of those fixed assets transferred to
the Company from The Panama Canal (agency) at July 1, 1951. De-
preciation or amortization allowances have not been provided on
certain assets-land titles, treaty rights, and excavations of channels,
harbors, basins, and other works-costing about $281 million based on
historical practice and a construing of the Canal Zone Code as not
requiring the depreciation or amortization of such costs. Deprecia-
tion allowances on all other fixed assets are accumulated on a straight-
line group basis; losses or gains on retirements generally are charged
or credited to the accumulated allowances.
2. Equity of the U.S. Government.-The equity of the U.S. Govern-
ment in the Company consists of the net direct investment, established
in accordance with section 246 of title 2 of the Canal Zone Code, and
the retained revenues. The Company is required to pay interest to
the U.S. Treasury on the net direct investment at a rate established
by the Secretary of the Treasury. The rates for 1958 and 1957 were,
respectively, 2.482 and 2.485 percent.
An emergency fund of $10 million is available in the U.S. Treasury
from which the Company may borrow funds for authorized purposes
on an interest-free basis for limited periods. The fund was estab-
lished by the predecessor Company in June 1948 out of retained rev-
enues pursuant to section 254 of title 2 of the Canal Zone Code.
Public Law 85-223, authorizing the transfer of properties to the
Republic of Panama pursuant to the 1955 treaty, provided for a re-
duction in the net direct investment of the U.S. Government of the
market value of the properties-aggregating about $14.7 million-and
of any capital losses sustained in the relocation or disposal of facilities
resulting from the treaty. The net direct investment was reduced
$4.8 million during fiscal year 1958 representing the market values of
the properties transferred to Panama during the year.

PANAMA CANAL COMPANY

Public Law 753, 84th Congress, directed the Company to construct,
maintain, and operate a high-level bridge across the canal at Balboa;
the costs of construction and of maintenance and operation to be
treated as extraordinary costs incurred through a directive based on
national policy and not related to the operations of the Company. An
appropriation of $750,000 for planning and engineering studies was
made in fiscal year 1958. An additional appropriation of $19,250,000
for construction of the bridge became available on July 1, 1958.
3. Contingent and other liabilities.-The Company has outstanding,
at all times, contingent and continuing liabilities in indeterminable
amounts arising principally from monthly relief benefits payable to
retired alien employees; benefits payable under provisions of the
Federal Employees Compensation Act; commitments for construction
work, supplies, and services; and pending suits and claims.
The relief payments to be made to retired alien employees in fiscal
year 1959 are estimated at $1.9 million. Commitments under un-
completed construction contracts and unfilled purchase orders
amounted to about $8.5 million at June 30, 1958. The maximum lia-
bility which would result from outstanding claims and lawsuits is esti-
mated to be about $3 million.
Public Law 85-550, approved July 25, 1958, bringing non-U.S.-
citizen employees under the civil service retirement. system resulted
in a payment to the U.S. Civil Service Commission of about, $4.9
million for retroactive costs to June 30, 1958. These costs will be
recorded as an adjustment. of retained income.
The Company held at June 30, 1958, negotiable U.S. Government
securities in the face amount of $770,000, deposited by customers to
guarantee payment of tolls and other charges and, on behalf of the
Canal Zone Government, securities in the face amount of $391,500
to guarantee payment of possible judgments rendered against insur-
ance companies operating in the Canal Zone.

FINANCIAL REPORT AND STATISTICAL DATA

Table 2.-Statement of Equity of U.S. Government, June 30, 1958
NET DIRECT INVESTMENT:
Capital stock in Panama Railroad Company------------- $7, 000, 000
Valuation of net assets transferred from The Panama Canal
(agency) ..---.-.-----------. .----------------- 402, 176, 883

Gross direct investment------------------------------ 409, 176, 883

Less dividends and other charges deductible from direct in-
vestment:
Capital repayments to U.S. Treasury:
Prior to June 30, 1951_---------------
Subsequent to June 30, 1951---------------------
Appraised value of properties conveyed to the Republic
of Panama without reimbursement:
Dec. 16, 1943--------------------------
Nov. 7, 1957--------- ----------------
Property transfers, other U.S. Government agencies, net

23, 994, 905
15, 000, 000

11, 759, 956
4, 820, 000
1, 740, 370

Total deductions.-------. ----------------- ------- 57, 315, 231

Net direct investment ..- --------------------------- 351, 861, 652

RETAINED REVENUE:
Retained revenue at July 1, 1951------.--------------
Net revenue subsequent to July 1, 1951_---------
Extraordinary (charges) and credits to retained revenue:
Net gain on sale of SS Panama------------
Excess of market over book value of properties trans-
ferred to Republic of Panama under 1955 treaty:
Panama Canal Company properties---------
Canal Zone Government properties_---- -----
Provision for noncapital power conversion costs--------

71, 136, 026
22, 812, 635

4, 272, 104

3, 955, 125
372, 540
(4, 000, 000)

98, 548, 430
Less fund held by U.S. Treasury ---------------- 10, 000, 000

Retained revenue ------------------------------ 88, 548, 430

PANAMA CANAL BRIDGE-..---------------------------- --...

750, 000

EQUITY OF UNITED STATES GOVERNMENT- .------ -------- 441, 160, 082

The accompanying "Notes Pertaining to Financial Statements" are an integral part of this statement.

PANAMA CANAL COMPANY

Table 3.-Statement of Revenue and Expenses, Year Ended
June 30, 1958

REVENUE:
Canal tolls__------ --------
Credit for tolls on U.S. Govern-
ment vessels -------------
Sales of commodities.. -------
Sales of services -------------
Rental of quarters --- ---

Total revenue_.------------

OPERATING EXPENSES:
Direct expenses and interdivi-
sional sales and services ._--
Cost of commodities sold ..--
Depreciation_-_-------------

Total operating expenses.---
Less interdivisional sales and
services------------------

Net operating expenses .---.

OPERATING INCOME-------------

GENERAL CORPORATE EXPENSES:
Net cost of Canal Zone Govern-
ment (table 3, Canal Zone
Government financial state-
ments) ------------------
Interest on net direct invest
ment of the U.S. Government_
Administrative and other ex-
penses (includes $122,202 de-
preciation) (table 6)--------

Total general corporate ex-
penses_ ___---------

NET REVENUE-----------------

Total
$41, 843, 525

990, 481
17, 706, 260
19, 970, 846
2, 599, 497

83, 110, 609

56, 592, 645
13, 361, 199
5, 140, 134

75, 093, 978

20, 871, 875

54, 222, 103

28, 888, 506

Canal
operations
(table 4)
$41, 843, 525

990, 481

3, 694, 093
-----------

46, 528, 099

19, 029, 933

2, 030,610

21, 060, 543

1, 332, 584

19, 727, 959

26, 800, 140

Supporting
serntce
operations
(table 6)

$17, 706, 260
16, 276, 753
2, 599, 497

36, 582, 510

37, 562, 712
13, 361, 199
3, 109, 524

54, 033, 435

19, 539, 291

34, 494, 144

2, 088, 366

10, 737, 194

8, 778, 560

6, 716, 370

26, 232, 124

2, 656, 382

The accompanying "Notes Pertaining to Financial Statements" are an integral part of this statement.

FINANCIAL REPORT AND STATISTICAL DATA

Table 4.-Statement of Revenue and Operating Expenses, Canal Oper-
ations, Year Ended June 30, 1958

REVENUE:
Canal tolls.------------------------------------------ -----.-------............. $41,843, 625
Credit for tolls on U.S. Government vessels--------------------------------------.... 990, 481
Harbor pilotage, tug, launch, and other services-- ----- ------...----...... ....--... 3.694,093
Total revenue-.--------------------------.......... ...--------....---.....--.. 46,528. 09

OPERATING EXPENSES:
Navigation services and control.--- ___-------
Locks operation and maintenance ---___ --.........
Provision for periodic overhaul of locks --------
Dredging of channel and harbors ___.......- -......
Amortization of cost of removing slide hazard ..--
Meteorology and hydrography ------------_...--
Operation and maintenance of dams, reservoirs, and
spillways_---------
Operation and maintenance of ferry across canal...
Annuity to Republic of Panama (repayment to
U.S. Treasury) _............... ...---------- ..
Damage to vessels------------------------------
Other operating expenses _----------. ------
Total operating expenses__. -------------------

Direct
expense
and inter-
divisional
sales and
services
$6, 391,727
5, 717, 016
1,040,800
2,972,002
200,000
383, 188

Depreci-
ation
$261,070
1,224,798
356, 517
8, 724

81,710 115,573
522,062 52,297

430,000
355, 658
935, 770
19,029,933

11, 631
2,030, 610

~1, 000, 543

$21, 060, 543
Less interdivisional sales and services-------........ ------------------. 1.332.584

Net operating expenses.---........----.------ --.............- ..........
OPERATINC INCOME (table 3)---- ------..........................................

19,727,959
26,800,140

PANAMA CANAL COMPANY

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54 FINANCIAL REPORT AND STATISTICAL DATA

Table 6.-Administrative and Other General Expenses, Year Ended
June 30, 1958

ADMINISTRATIVE EXPENSES UNDER STATUTORY LIMITATION:
Comptroller's office and staff------------ ------------ $1, 901, 919
Personnel Bureau----------------------------------------- 526, 648
President's office and staff------------------------------- 507, 727
Administrative Branch------------------------------------- 818, 262
Office of the Secretary------------------------------- 67, 624
Provision for General Accounting Office audit services-------- 97, 329
Board of Directors' expenses------------------------------ 15, 846
Consultants and advisers--------------------------------- 7, 734
Branch accounting offices---------------------------------- 263, 898
Office of Marine Director---------------------------------- 98,851
Office of Engineering and Construction Director ------------ 118, 494
Office of Supply and Employee Service Director ---------__ -71, 612
Office of Transportation and Terminals Director -------------- 47, 232
General and special engineering services --------------------_ 158, 404
Apprentice program ----_ ----------------------------- 67, 810
Public services------------------------------------------- 76, 211
Maintenance of Company buildings ------------------------ 147, 024
Duplicating unit---------------------------------------- 72, 130
Alien cash relief_----------------------------------- 1, 867, 919
Employees' States travel --------------------------------- 673, 806
Recruiting and repatriation --- _---------------------------- 200, 485
Death and disability compensation ---_---------------------- 8, 669
Provision for retroactive pay adjustment -------------------- 146, 041
Leave liability variation----------------------------------- 85, 365
Contribution to Federal employees' government life insurance_ 59, 232
Other miscellaneous expense ------------------------------ 31, 833
Depreciation-------------------------------------------- 99, 639
Total-------------------------------------------- 7, 817, 744

OTHER GENERAL EXPENSES NOT UNDER STATUTORY LIMITATION:
Branch Accounting Office---------------------------------- 70, 715
Inventory reserve expense_----------------------------- 170, 000
Noncapital losses resulting from treaty implementation-------- 467, 427
Provision for retroactive pay adjustment -------------------- 247, 986
Leave liability variation----------------------------------- 70, 758
Other miscellaneous expenses ------------------------------(113, 306)
Depreciation-------------------------------------------- 22, 563

Total------------------------------------------------ 936, 143

Total administrative and other general expenses------------ 8, 753, 887

LESS REVENUES AND OTHER CREDITS:
Revenues ---------------------------------------- ------- 287, 835
Administrative expenses assessed to Canal Zone Government___ 750, 000
Distribution of alien cash relief----------------------------- 966, 554
Other transfers of costs --------------------------------- 33, 128

Total revenues and other credits-------------------------- 2, 037, 517

NET ADMINISTRATIVE AND OTHER GENERAL EXPENSES (table 3) ---- 6, 716, 370

PANAMA CANAL COMPANY

Table 7.-Inventories, June 30, 1958

MATERIALS AND SUPPLIES:
Storehouse Branch:
General materials and supplies---- ----------- -----
Petroleum products-------------------------------
Scrap_-------------- --------------
In transit to isthmus...----------------------------

Other divisions' stock:
Dredging Division_ ----_----------------
Commissary Branch -_------------------------------
Locks Division_---_---__-- -----------------------
Railroad Division----..-----------------------..-
Construction and maintenance activities-----...------..
Water system --..._-----------------------
Steamship line_... ..------------------------------
Industrial Division-_____ ___-_-------------------
Terminals Division-- --------------------------
Motor Transportation Division----------------------
Printing plants---------------
Electric power system___-- --------- ---- -------

Manufacturing and repair work in progress:

$3, 793, 239
167, 190
213, 237
306,329

4, 479, 995

99, 471
86, 570
104,259
186, 589
162, 158
57,557
67, 443
36,003
96,817
58,992
3,012
45,937

1,004, 808

Industrial Division -------------------------------- 54, 755
Other units------------------------------------ 228
54, 983

5, 539, 786
Less allowance for losses ------- -------------------... 1, 047, 906

Total materials and supplies--------------------------- 4, 491, 880

MERCHANDISE HELD FOR SALE:
Commissary Branch:
In warehouses and in stores ------------------------- 2, 648, 775
In transit to isthmus------------------------------ 590, 536
3, 239, 311
Service centers ------------------------------------- 162, 488
Tivoli Guest House ------------------------------- 6, 798
Steamship line -- --------------------------- 4,314

Total merchandise held for sale------------------------ 3, 412, 911

TOTAL INVENTORIES (table 1) --------------------------------. 7, 904, 791

FINANCIAL REPORT AND STATISTICAL DATA

2g0 o M 01-4 1-1

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62 FINANCIAL REPORT AND STATISTICAL DATA

Table 9.-Comparative Statement of Financial Condition, June 30, 1958,
and June 30, 1957

Assets
CURRENT ASSETS:
Fund balances with U.S. Treasury and cash..
Notes receivable -------------------
Accounts receivable------------------
Inventories_-------------------
Other--------------------

Total current assets------------

LONG-TERM NOTES RECEIVABLE._ --- ------

FIXED ASSETS.-----.--------------...- ---.--
Less allowances for depreciation ----------

Fixed assets, net_- -------------

DEFERRED CHARGES AND OTHER ASSETS -----

Liabilities and equity
CURRENT LIABILITIES:
Due U.S. Treasury------------
Other accounts payable---------------
Accrued liabilities---------------------
Other___------- ----------

Total current liabilities_ -----------

RESERVES:
Periodic overhaul of canal locks_------
Noncapital power conversion costs --------

Total reserves.........-------.......------

EQUITY OF U.S. GOVERNMENT:
Net direct investment-------- ----
Retained revenue---------------------
Panama Canal bridge-----------

Total equity--------------------

June 30, 1958
$31, 354, 539
1,069, 500
3,311, 545
7, 904, 791
201,339

43,841, 714

2, 139, 000

598, 198, 791
185,562,286

412, 636, 505

4,044, 907

462, 662, 126

2, 391, 137
3, 705, 091
9,297, 106
660, 179

16, 053, 513

1,448, 531
4,000, 000

5,448,531

351, 861, 652
88, 548, 430
750, 000

441, 160, 082

462, 662, 126

June 30, 1967
$29, 563, 328
1,069, 500
3,951, 913
7, 928, 134
193,325

42, 706, 200

3, 208, 500

595, 959, 366
184, 459, 939

411,499, 427

4, 148, 849

461,562, 976

3, 675, 069
3,559, 064
8, 061, 388
612, 828

15,908,349

3,204, 278

3,204,278

356, 885, 966
85,564, 383

442, 450, 349

461,562,976

PANAMA CANAL COMPANY

Table 10.-Comparative Statement of Revenue and Expenses, Fiscal
Years Ended June 30, 1958 and 1957
Fical year ended June SO

REVENUE:
Tolls from commercial vessels--------------
Tolls credits from U.S. Government vessels--
Other services to shipping-----------
Sales of goods and services------------

OPERATING EXPENSES AND DEDUCTIONS:
Payroll and related costs ----------------
Material and other---------------------
Cost of goods sold ---------------------
Depreciation..--------------------------
Reimbursement of annuity payments to Re-
public of Panama__-------------------
Net cost of Canal Zone Government-------
Interest paid to U.S. Treasury -----

NET REVENUE-------------------------------

1958
$41, 843, 525
990, 481
10, 054, 108
30, 222, 495

83, 110, 609

38, 399, 717
3, 498, 469
13, 347, 951
5, 262, 336

430, 000
10, 737, 194
8, 778, 560

80, 454, 227

2, 656, 382

1967
$38, 513, 404
1, 140, 116
11, 120, 978
35, 830, 557

86, 605, 055

37, 511, 021
3, 233, 909
17, 262, 958
5, 342, 265
430, 000
10, 135, 514
8, 867, 932

82, 783, 599

3, 821, 456

Table 11.-Statement of Changes in Equity of the U.S. Government,

Fiscal Year Ended June 30, 1958

EQUITY AT JULY 1, 1957----------
Add:
Net revenue for the year --
Excess of market over book
value of properties trans-
ferred to Republic of Pan-
ama under 1955 treaty:
Panama Canal Company
properties---------
Canal Zone Government
properties--- -----
Appropriation for preliminary
plans of Panama Canal
bridge-----------------

Deduct:
Market value of company
properties transferred to
Republic of Panama under
1955 treaty_---------
Provision for noncapital power
conversion costs- --------
Property transfers, other U.S.
Government agencies, net_-

EQUITY AT JUNE 30, 1958----.------

Net direct investment Retained revenue
$356, 885, 966 $85, 564, 383

356, 885, 966
356, 885, 966

2, 656, 382

3, 955, 125

372, 540

92, 548, 430
92, 548, 430

Panama
Canal bridge

$750, 000

750, 000

4, 820, 000

204, 314

5, 024, 314

351, 861, 652

4, 000, 000

------.----

4, 000, 000

88, 548, 430

750, 000

FINANCIAL REPORT AND STATISTICAL DATA

Table 12.-Ocean Traffic Through Panama Canal, Fiscal Years 1948
Through 1958

Total traffic

Tolls

Traffic assessed tolls
on net tonnage basis

Number
Tons of of
cargo transit

Commercial ocean traffic

$19,956, 593
20,541,230
24. 430,206
23,906,082
26,922, 532
31,917, 515
33,247,864
33.849,477
36,153,842
38,444, 128
41, 795,905

24, 117, 788
25,305, 158
28,872,293
30,073,022
33,610,509
36,095,349
39,095,067
40,646,301
45, 119,042
49,702,200
48, 124,809

4,664
4,771
5,439
5,572
6,500
7,392
7,758
7,953
8,157
8,540
9,162

Government ocean traffic

1,755,134
2,405,519
1,918,785
2,764,747
3,383,900
5,526,038
3,862,015
1,190,367
1,215,883
1,117,467
972, 110

1,520,569
2,217,495
1,429,283
1,165,986
3,237,311
5,049,922
2, 708,380
838,305
1,150,121
922,173
791,310

1948 ------..................
1949_
19549 ----....-------------..........
1950---------...............
19512.......................
19523....-----------........
19534 -------...............
1954........................
1955------------------
1956 ---------..--........-
1957.-- --..................
1958.....----................

1948-..............--.......
1949-------..-..-.....- -
1950---...... ..............-
1951----------....... .......
1952--......................
1953 ------..................
1954-....----------.........
1955 -----...................
1956 ------..................
1957 -----...................
1958........................

1948 -----....................
1949 ------..................
1950------------------
1951-----....... ............
1952 --- --...................
1953-........................
1954........................
1955,---.------------
1956........................
1957------------------
1958...---.....---..........

4,678
4,793
5,448
5,593
6,524
7,410
7,784
7,997
8,209
8, 579
9,187

508
658
443
693
774
1,064
800
296
266
269
279

5,186
5,451
5.891
6,286
7,298
8,474
8,584
8,293
8,475
8,848
9,466

Number
of
transits

Traffic assessed tolls
on displacement
tonnage basis

Number Displace
of ment
transit tonnage

Panama
Canal net
tonnage

22, 902,064
23,473,236
28,013,236
27, 10O, 425
30, 674, 302
36,678,636
38,027,812
38, 567.769
41,202,961
43,628,210
47,924,345

1, 551,293
2,397,903
2, 095,270
3,056,354
3,665,302
6,146,333
4,254,839
1,184,135
1,286,841
1,086,564
1, 020,267

24,453,357
25.871,139
30,108,506
30,236,779
34,339,604
42,824,969
42,282,651
39,751,904
42,489,802
44, 714,774
48,944,612

NOTE.-Tolls were not assessed against U.S. Government traffic prior to fiscal year 1952. Tolls indicated
for such traffic for fiscal years 1948 through 1951 are statistical figures which show tolls value for this traffic
at the prescribed rates.

58,398
110,584
12, 807
54, e39
107, 732
77,638
130,810
136,9t7
126,233
155,055
78,691

857,077
688,311
281,542
633,799
521,625
562, 186
570, 506
341,199
226,813
392,671
219,938

915,475
798,895
294,349
688, 438
629.357
639,824
701,316
478,186
353.046
547,726
298,629

Total ocean traffic
21,711,727 25,638,357
22,946,749 27,522,653
26,348,991 30,301,576
26,670,829 31,239,008
30,316,432 36,847,820
37,443,553 41,145,271
37,109,879 41,893,447
35,039,844 41,484,606
37,369, 725 46,269,163
39,561,595 50,624,373
42,768,015 48,916,119

4,969
5,211
5, 794
6,131
7,159
8,378
8,457
8,180
8,376
8,739
9,386

PANAMA CANAL COMPANY SY

Table 13.- Traffic by Months, Fiscal Years 1957 and 1958
Number of Pn ama Canal net
transits tonnage Tons of cargo TOl
1957-58 1956-57 1967-58 1956-57 1067-68 1956-67 1957-68 1956-7-
July-- ...----.-- 788 669 4,223,721 3,478,317 4,441,267 3,871,143 $3,668,461 $3,053,909
August......... 812 653 4,129,989 3,274,098 4,334,306 3, 576, 284 3,598,726 2, 888. 019
Septem ber..... 771 646 4,042,303 3,259,743 3.934,700 3,558.799 3.503 564 2,861,467
October --...-- 813 699 4,236,814 3.510,842 4.304,833 3.877.761 3.679,870 3.083,296
November .... 779 654 4 056,520 3.258,887 3,994,320 3,743.298 3, 522,149 2,876,098
December 774 751 4,038,677 3,879,894 4,057,864 4,607,944 3.520,572 3,419,669
January ....--- 744 701 3,872,180 3,567,745 3,735,448 4.252.657 3,376.306 3.161,163
February 700 673 3,541,049 3,412,139 3,420,104 3,896,981 3,103.608 3.032,647
March ........ 810 808 4, 150.335 4,085,860 4,055.216 4,812.784 3,627,699 3,602, 541
April --....- 734 767 3, 837,402 3,899,870 3,863.386 4,397,018 3,363,321 3.429,625
May... 752 783 4,022,827 4.038.927 4,072,316 4,585. 95 3,526, c28 3, 551, 340
June -.......... 710 775 3,772,528 3,961,888 3,911,049 4,521.566 3.305,101 3,484,354
Total..... 9,187 8,579 47,924,345 43,628,210 48,124,809 49,702,200 41,795,905 38,444,128
Average per
month ..-..... 766 715 3,993,695 3,635,684 4,010,401 4,141,850 3,482,992 3,203,677
NoTE.-The above includes only commercial vessels of 300 tons and over, Panama Canal measurement,
or of 500 displacement tons and over on vessels paying tolls on displacement tonnage basis.

66 FINANCIAL REPORT AND STATISTICAL DATA

Table 14.-Canal Traffic 1 by Nationality of Vessels

Measured tonnage
Registered
Number of Panama ---- Tons of
Nationality transit Canal net Gross Net Tolls cargo
Argentine......-------------------- 1 5,341 7,625 4, 583 $4,807 9,055
Belgian -------------------------. 4 13,958 17,729 13,209 11,306 13,222
Brazilian ---------------------- 2 1,060 3,376 ----- 763 ......
British---...-------------- ------ 1,203 7,454,501 9,841,461 5, 717, 737 6,591,490 7,370,112
Chilean------------.........------- 89 490,976 718,223 414,956 440,914 507,441
Chinese-------------.------------.. 54 245,415 340,085 208,918 218,469 406,575
Colombian...-------..--- --------- 231 679, 716 823,853 452,363 608,817 330,448
Costa Rican_----------------- --- 8 27,893 39, 129 23,863 25,104 51,343
Cuban ----.......-----------. 2 (2) (2) (2) 1,890 -.......
Danish-------------------------- 356 1,615,527 1,858,702 1,036,286 1,413,402 1,112,939
Dominican Republic----------...-- 1 838 2,323 1, 187 603 --
Ecuadoran.. ----------------- 38 113,285 144,399 80,022 100,897 46,511
Finnish----------.......... -------. 30 125,314 134, 703 72,195 111,801 125,884
French -------------------------- 85 527,589 654,901 373,460 475,106 443,401
German ----------------------- 837 3,370,445 3,810, 702 1,859,843 2,915,471 2,537,505
Greek_ ---.--------.------------. 116 630,088 851,786 494,760 549, 570 1,051,394
Honduran -----------------------278 587,920 932,826 534,070 486,483 298,564
Irish .-_ ..-----.-------------...... 1 5,994 6,218 3,303 5.395 8,558
Italian --..----------------------- 191 1,139,772 1,470,810 874,988 1,004,213 1,109,176
Japanese --------------------- 693 3,929,041 5,410,417 3,161,690 3,510,096 4,629,438
Korean (South) --------------- 2 7,988 11,545 7,159 6,228 4,806
Liberian----------...... .-------.. 898 5,633,036 7,705,285 4,602, 586 4,744,043 7,802,371
Mexican ...-------.-------------.. 1 6,985 9,313 5,364 6,286 12,149
Netherlands ------------------ 206 1,047.290 1, 523, 579 873,029 911,911 899, 738
Nicaraguan_ ---------.------..--.. 81 201,178 215,788 108,222 180,620 141,211
Norwegian----------------------. 956 4,845,380 6,128,804 3, 590,818 4,160,761 4,456,990
Panamanian ------------------- 472 2,011,759 2,695,175 1,616,712 1,674, 720 2,152,332
Peruvian ------------------------ 54 154,083 214,400 127,728 140, 387 226,350
Philippines .-- ------------------. 23 130,580 149,283 88,744 117,522 122,770
Spanish ------- ---------------- 43 181, 016 247, 735 164, 559 153,319 180,709
Soviet (U.S.S.R.) -------------- 3 15,198 18,697 10,189 13, 678 21,850
Swedish ---------------------- --- 200 1,024, 867 1,246,222 739,039 906,914 748,142
Switzerland.----------------------- 3 18,675 17, 181 9,620 16,808 28,779
United States ---------------- 2,023 11,672,797 15,313,156 9,034.419 10,278,951 11,267,630
Venezuelan ----------------- ---.- 2 8,840 17,382 10,986 7,160 7,416
Total:
Fiscal year 1958 -------. 9, 187 47,924,345 62,582,813 36,316,607 41,795,905 48,124,809
Fiscal year 1957..------. 8, 579 43,628, 210 56,915, 104 33,205,307 38,444.128 49,702,200
Fiscal year 1956---------- 8,209 41,202,961 53,662,232 31,712,906 36,153,842 45,119,042
1 Includes only commercial vessels of 300 net tons and over, Panama Canal measurement, or of 500 dis-
placement tons and over on vessels paying tolls on displacement basis (dredges, warships, etc.).
2 Displacement tonnage.
NOTE.-In canal traffic statistics, foreign naval vessels such as transports, supply ships, tankers, etc.,
with a measurement of 300 net tons (Panama Canal measurement) and over, and vessels of war, dredges,
etc., with a displacement of 500 tons and over are classified as oceangoing commercial vessels. Statistics on
these vessels, except such as pertain to displacement tonnage, have been included in the traffic summaries
shown in the preceding table. The following table presents by nationality statistics on the 25 vessels which
transited the canal during the fiscal year 1958 and paid tolls on displacement tonnage.
Displace-
Number of ment
Nationality Type transits tonnage Tolls
British.......-------------------------Naval---------- 7 20,247 $10,124
Chilean----- --------........------ --.----- ----do -- ------- 2 23,495 11,748
Cuban--.......---..----------------------- Frigate -----------_ 2 3,780 1,890
French--....---------------------------- Naval-------------- 1 2,421 1,210
Liberian ------------------------------- Dredge..---------. 1 1,900 950
Netherlands_------------------------ Naval ------------ 4 8,962 4,481
Peruvian ...........--..------ .--- --- -----. do---------- 3 4,852 2,426
Spanish---..........-----...----------. ----. do---.--------.. 4 8,950 4,475
Swedish ...---- --------------- ------ ----do ----.-------- 1 4,084 2,042
Total-.......----... ----...............------------ ......25 78,691 39,346

PANAMA CANAL COMPANY

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FINANCIAL REPORT AND STATISTICAL DATA

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PANAMA CANAL COMPANY 69

Table 16.-Laden and Ballast Traffic by Nationality of Vessels, Fiscal
Year 1958
Laden Ballast
Panama Panama
Number Canal net Number Canal net
Nationality of traits tonnage Tolls of traits tonnage Tolls
Argentine..-....--..............----..-..---- 1 5.341 $4,807 ................... ...........
Belgian.---...................------------------...--... 2 6,979 6,281 2 6,979 $5,025
Brazilian----.....---..................---------------- -..---........ ....----.....---------.......... 2 1,060 763
British---.---.................------......... 1,052 6, 745. 143 6,070,629 144 709, 358 610,738
Chilean......-------------------------- 78 420,352 378,317 9 70,624 50,849
Chinese....--------------..........----------- 53 232.058 208,852 1 13,357 9,617
Colombian...-..----------- ---------- 222 663,450 597,105 9 16,266 11,712
Costa Rican.....................------8 27,893 25,104 .......... .......... ...........
Danish ----------------....--------.........- 297 1,390,127 1, 251,114 59 225,400 162,288
Dominican Republic......---..-----..-- .---... --- -- ---- 1 838 603
Ecuadoran......................------------- 36 107,399 96,659 2 5,886 4,238
Finnish---------.. --------.... --------- 29 119,859 107,873 1 5,455 3, 928
French .-..-............----------........... 83 522,394 470, 155 1 5, 195 3, 740
German-----------------.....--------...... 656 2,715,282 2,443,754 181 655,163 471,717
Greek .--........................... ---------- -----97 532,814 479,533 19 97,274 70,037
Honduran.. -.............-- -----........- 156 351,004 315,904 122 236,916 170,580
Irish...-..-..................-----......---- 1 5,994 5,395 ..- ..- -..-- -..- ..
Italian ..............-----------...---. --......... 169 1,019,875 917,.887 22 119,897 86,326
Japanese--.......................--------- 659 3,784,369 3, 405. 932 34 144,672 104,164
Korean (South)........------....------....-.. ----1 2, 648 2,383 1 5,340 3.845
Liberian...-...------------------------ 637 3, 818, 373 3, 436. 536 260 1,814,663 1,306,557
Mexican...---....----- ------ 1 6,985 6,286 .......... ........ ----........
Netherlands ...................---.----------- 160 8-52, 119 766,907 42 195,171 140.523
Nicaraguan.------ ----------- 80 198,733 178,860 1 2,445 1,760
Norwegian -....--.................------------- ---------726 3,733,819 3,360.437 230 1,111.561 800,324
Panamanian .....--- --.---------------..... 306 1,256,964 1,131,268 166 754,795 543,452
Peruvian....-...-...-..---------------....--.... 48 150.117 135,105 3 3.966 2,856
Philippines ...---------------................--... 23 130, 580 117,522 ..---.... ..........
Spanish --------------....------------ 22 102.848 92,563 17 78. 168 56,281
Soviet (U.S.S.R.)----..----------- 3 15, 198 13,678 ..---- -- ----
Swedish-----------.....--........... ------------ 177 927,600 834,840 22 97,267 70,032
Switzerland.----.....-...........--------.--- 3 18,675 16,807 ..--------- ........---.............
United States. ------------------ 1,759 10.414,095 9,372,685 264 1,258, 702 906,266
Venezuela -.....-...--....-------........... 1 4,420 3,978 1 4,420 3,182
Total:
Fiscal year 1958........ 7,546 40,283,507 36, 255,156 1,616 7,640,838 5,501,403
Fiscal year 1957........ 7,332 38,634,942 34,771,448 1,208 4,993.268 3,595,153
Fiscal year 1956...-.....- 6,904 35,692,184 32,122,966 1,253 5,510,777 3,967,759
NOTE.-Above table involves only commercial vessels of 300 net tons or over, Panama Canal measure-
ment.

FINANCIAL REPORT AND STATISTICAL DATA

Table 17.-Frequency of Transits I of

[Number of vessels-making

Nationality
Argentine-..........
Belgium...........
Brazilian ..........
British-.............
Chilean-............
Chinese-............
Colombian-.........
Costa Rican-.......
Cuban............------
Danish.........------...
Dominican
Republic.
Ecuadoran-.........
Finnish-............
French ............
German.------
Greek-..............
Honduran-.........------
Irish------
Italian.......-----
Japanese-....- --""
Korean (South) ....
Liberian-...........
Mexican.........-----
Netherlands.......
Nicaraguan-........
Norwegian-.........
Panamanian-.......
Peruvian..........-
Philippine-.........
Spanish-............
Soviet (U.S.S.R.).-
Swedish-...........
Switzerland-........
United States-......
Venezuelan-........

Total 1958 ......-
Total 1957-.......
Total 1956-.......

6 7

13 8
2 3
3 -
1 -_

3 2

"2 _._
2 3
10 10
1 .
3 2
4 1
31 4
--. -.
7 3
3 3

5 -.
1 9
1 7.
1 -
7 7

27 12

12 13 14

.1 '. '-

2 ~. '.'.
2. .

4 .

15 16

. 1

3 1i
. .

17 18 19 20

1

- 6 1 ..

1 6..

6 3 2

t Includes only commercial vessels of 300 net tons and over, Panama Canal measurement, or of 500 dis.
placement tons and over on vessels paying tolls on displacement basis (dredges, warships, etc.).

742 577 265 213 111 140 67 51 25 33 15 14 4 16 7 16 10 24 4 8 1
873 599 223 207 136 128 47 39 26 40 13 16 8 17 4 10 8 7 2 11 4
657 526 263 186 124 124 41 39 25 28 19 19 4 18 4 4 7 13 4 4 6

PANAMA CANAL COMPANY

Vessels Through Panama Canal

indicated number of transits]

22 23 24 25 26 S7828 S9 30 81 S 8884 S86 6 8 9 40 41 42 43 46 48 49 50 52 54

- ------ - - - - . - - - -

- - - - - - - - - -
- - - - - - - -2 - -
- - - -. -. . . . . . .

. . . . . . . . . . .
..........---..-----.......--

- - - - - - - - - -

1. 11 -1 1 - - -
- - - - - - - - - - -

S2 1 1 3 2 1 1 - 2 1- -
1 1 2 1 2 1 2 1 1 ..-1. -
1 1 1 3 3 1 1 . ..1 -

Total
ships
1
2
2
480
16
16
23
6
1
79
1

6
10
26
154
55
31
1
65
222
2
285
1
72
6
247
103
14
5
18
3
55
3
365
2

2,378
2,444
2,150

Total
transit
1
4
2
1,203
89
54
231
8
2
356
1

38
30
85
837
116
278
1
191
693
2
898
1
206
81
956
472
54
23
43
3
200
3
2,023
2

9,187
8,579
8,209

Transit
per ship
1.00
2.00
1.00
2.51
5.56
3.38
10.04
1.33
2.00
4.50
1.00
6.33
3.00
3.27
5.44
2.11
8.97
1.00
2.94
3.12
1.00
3.15
1.00
2.86
13.50
3.87
4.58
3.86
4.60
2.39
1.00
3.64
1.00
5.54
1. CO

3.86
3.51
3.82

72 FINANCIAL REPORT AND STATISTICAL DATA

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PANAMA CANAL COMPANY 78

Table 19.-Principal Commodities Shipped Through Canal
[Thousands of long tons]
Cor modity Fiscal year
1968 1967 1956 195-
ATLANTIC TO PACIFIC
Petroleum and products -------------- 5,964 5,242 5,310 4,306
Coal and coke-------------------------- 3,849 3,805 2,996 3,274
Iron and steel manufactures------------- 1,922 2,835 2, 131 1, 792
Phosphates-------------------------- 1,257 1,523 1,257 1,043
Soybeans------------------------------ 814 698 746 568
Sugar--------------.------------------- 654 896 787 520
Ores, various-------------------------- 561 612 317 187
Metal, scrap -------------------------- 532 1,497 498 23
Chemicals, unclassified------------------ 482 316 271 233
Cotton, raw--------------------------- 354 402 212 226
Paper and paper products--------------- 353 463 433 377
Metals, various-------------------- ----- 341 751 122 113
Corn.---------------------------------- 338 81 175 170
Sulfur ------------------------------ --- 336 370 469 463
Machinery----------------------------- 334 342 301 285
Wheat --- ----------------- 307 267 218 216
Automobiles and parts ----------------- 283 304 260 268
Ammonium compounds ----------------- 247 322 464 295
Flour, wheat--- ------------------- 185 188 90 68
Fertilizers, unclassified. ------------------- 182 176 187 191
Canned food products ------------------- 179 193 170 190
Tinplate..---------------- ------- 166 295 244 213
Asphalt----------------------- 166 122 119 105
Cement. ------- ------- 158 226 289 300
Liquors and wines ---------------------- 103 94 90 90
Potash.. -------------------------------- 97 248 112 40
Glass and glassware -------------------- 89 81 94 67
Electrical apparatus -------------------- 83 77 83 75
Rice ---------------------------------- 81 273 164 28
Groceries, miscellaneous ----------------- 76 58 53 59
Textiles ------------------------------- 71 80 78 90
Agricultural implement ---_ ------ 71 69 73 84
Asbestos----- ------------------------ 68 72 59 59
Coffee --------------------------------- 67 71 80 34
Soda and sodium compounds ------------- 65 120 70 60
Salt ------------------------------- 65 52 50 104
Slag.....--------------------------------- 61 52 68 66
Woodpulp----- ------------------------ 58 69 70 64
Rubber, manufactures --. ----------------- 53 51 44 26
Resin ---------------------------- 51 56 46 42
Vegetable oil .---------..........--------46 53 37 35
Tobacco and manufactures. ------------- 45 49 57 49
Railroad materials ---------------------- 42 127 100 61
Creosote ------------------------------- 33 39 34 35
Pharmaceutical products_ ---------------- 33 30 33 34
Grains, other and unclassified ------------ 32 47 53 115
Lumber ------------------------------ 31 29 24 36
Wax. paraffin. -------------------------- 30 29 44 34
Carbon black -------------- 27 35 26 27
Paints and varnishes ------------ 27 27 29 29
Clay---------------------------- 26 37 38 27
Floor coverings ----------------------- 25 22 29 30
Food in refrigeration -------------------- 25 14 19 14
Bricks and tile ------------------------- 22 34 32 30
Confectionery ------------------------- 20 16 19 20
Soap and soap products ----------------- 20 14 16 12
Tallow. .....-------------------------------- 16 21 34 28
All others--......----------------------------1,220 1,358 1,362 1,389
Total, Atlantic to Pacific--------- 22,843 25,430 21,286 18,419
I Excludes asphalt.
2 Excludes fresh fruit.
495687-59- 6

74 FINANCIAL REPORT AND STATISTICAL DATA

Table 19.-Principal Commodities Shipped Through Canal-Continued
[Thousands of long tons]

Commodity

Fiscal year

PACIFIC TO ATLANTIC

Ores, various---------------------------
Lumber -------------------------------
Wheat----------------------------.--.
Canned food products------------_
Bananas ----_ -___-__ __________________
Sugar---------------------------
Nitrate of soda------------------
Metals, various-------------------
Petroleum and products I-------
Barley -------------------------------
Food in refrigeration 2-------
Coffee--------------------------
W oodpulp ________- ___________________
Cotton, raw ----------------------------
Fruit, fresh (excluding bananas)-
Oilseeds (including oilseed cake and meal) -
Wool ------------------- --- - -- --.
Copra --------------
Chemicals, unclassified------
Fruit, dried ---------
Iron and steel manufactures ------
Borax ---------------- ------ ---- ----
Paper and paper products _---
Rice--------------------.----...... ...
Oils, vegetable --------------
Rubber, crude---------------
Metal, scrap ----------------.---------
W hale oil .... _- ________________- __
Fertilizers, unclassified
Beans, edible----------------
Grains, other and unclassified-
Phosphates ........
Seeds, except oilseeds------_------
Textiles --------------------- --------
Porcelainware-------------------
C oal--- --------------- -------- ______
Wines -------------------------------
Molasses
Flour, wheat----------------------
O a ts - -. .. . . . . . . .. .. _. _. _ _
Skins and hides -----------__---
Machinery ----________
Tallow..
Tate i ----------------_----_-------
P eas, dry ______________- __________
Groceries, miscellaneous
Vegetables, dry ---------
Cocoa and cacao beans--- __
Rubber manufactures --------
Hemp, unmanufactured ------------
All others -------..------ ----.....

Total, Pacific to Atlantic ----------
1 Excludes asphalt.
s Excludes fresh fruit.

7, 560 6, 401 5, 137
3,323 2, 900 3, 549
1,986 2,688 1, 478
1,286 1,311 1,301
1,082 870 936
1, 068 1, 446 1, 425
1,046 867 1, 167
902 935 742
746 752 1,875
711 444 1,083
630 800 618
308 289 315
281 237 142
260 262 290
233 213 216
225 173 156
224 315 234
211 302 258
164 132 110
163 163 171
153 172 288
148 159 157
130 96 91
126 119 102
119 134 106
108 118 104
107 81 40
94 74 48
93 56 45
91 88 88
82 16 39
81 111 108
73 59 35
70 85 81
69 69 55
69 1 -
68 40 62
59 57 27
57 81 102
53 11 28
52 57 48
45 48 41
44 57 49
42 59 24
36 29 22
33 27 28
28 27 22
26 5 7
20 26 20
697 810 763

25, 282 24,272 23, 833

4,087
3, 747
1,387
1,221
939
1,281
1,271
789
1,981
387
551
280
349
236
160
193
218
245
105
156
222
150
89
93
202
122
103
43
22
102
37
152
56
50
46
1
65
67
66
64
47
54
33
44
36
24
30
2
17
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22, 227

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	Front Cover
	Front Matter
	Table of Contents
	Panama Canal Company
	Canal Zone Government
	Back Cover

MILLISECOND	CLASS.METHOD	MESSAGE
0	sobekcm_page_globals.constructor
0	sobekcm_page_globals.constructor	Application State validated or built
0	sobekcm_database.verify_item_lookup_object
0	sobekcm_page_globals.constructor	Navigation Object created from URI query string
0	sobekcm_database.verify_item_lookup_object
0	sobekcm_page_globals.display_item	Retrieving item or group information
0	sobekcm_page_globals.get_entire_collection_hierarchy	Retrieving hierarchy information
0	sobekcm_assistant.get_entire_collection_hierarchy
0	cached_data_manager.retrieve_item_aggregation
0	cached_data_manager.retrieve_item_aggregation	Found item aggregation on local cache
0	item_aggregation_builder.get_item_aggregation	Found 'all' item aggregation in cache
0	system.web.ui.page.page_load (ufdc.page_load)
0	sobekcm_page_globals.constructor.on_page_load
0	html_echo_mainwriter.add_style_references	Adding style references to HTML
0	html_echo_mainwriter.add_text_to_page	Reading the text from the file and echoing back to the output stream
4	html_echo_mainwriter.add_text_to_page	Finished reading and writing the file