Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-11-19
PANAMA CANAL
REGISTERS ITS BEST
FINANCIAL Year

Washington, Nov. 1S.-The fiscal
year ended June 80 WAS the most
prosperous in the history of the
Panama Canal. The total net
revenue mounted to sl7.209.572 and
to this peak figure, representing the
profits of the waterway itself and
business operations in connection
with canal activities, was added the
sum of $1,044,SS7 earned by the
Panama Railroad, bringing the COM
bined net revenue to $1S.254, 459.
Comparative figures also are dis
closed by former governor jay j..
Morrow in his annual report to the
Secretary Of War. prepared by him
before he resigned that office and
made public today by the War De-
partment. The tabulation shows
that the income from tolls and
miscellaneous receipts was S16.307,-
9S4, as compared with $4,000 .066 for
the preceding year and $3,466.574 in
1922. Auxiliary operations. including
machine shops. Commissaries, coal
ing plants, the cattle industry,
storehouses, fuel oil plants. etc,
rettcd S1,044,SS7 as compared with
s922,171 in 1923.
The number of ships in transit
during the fiscal time period re-
! ported. exclusive of American toll
: exempt craft and others allowed
free passage through the canal, was
$3.50. Their net tonnage was &C.
14S,s7S and tolls collected aggregated
S24.290.963, exceeding by 1877 per
cent the tolls collected in 1928.
Governor Morrow explained that
the high figures" for 1924 were due
in part to heavy oil shipments from
California.
"Thesc began in September. 1922, "
he said. "and reached their peak one
~sear later. in September. 1928. when
509,979 tons of California crude oil
passed through the canal. Declining
gradually from that date. these
, cargoes in June, 1924. totaled only
453,945 tons, and further shrinkage
, is expected Owing to the loss of
this oil business 1t is possible that
the record or 1924 will not be
equalled in 1925. but there is a con-
, slant growth in other directions
, which tends to make good the loss in
OIL Excluding California oil alto
gether. the cargo in transit through
the Panama Canal in 1928 was 15.-
| S7S.S26 tons, and in 1924 it was 49,
493.700 tons, an increase of 1874 per-
cent.
The report further showed there
were 81 flags represented in the
canal traffic and that in terms of
; cargo carried. the American colors
led al others. with Gil percent of
the total Great Britain was second
with PA percent; Japan. third with
3.5: GERMANY fourth with 81 and
Norway fifth with two percent.
British. Chilean, Danish, French.
German. Dutch. Italian and Swedish
ships showed gains in cargo tonnage
while those of Japan. Norway and
i Peru fell below the 1929 figures.
The Argentine. Belgian and Costa
Rican flags. which appeared on the
1923 list" the report said. were not
seen at the Canal in 1924. On the
other hand, the flags of the Free
City of DanZig, Ecuador. Finland
and Jucoslayia appeared in 1924. but
rot in 1923.\
An examination of tables given in
the report, in which traffic Ia segre-
gated by trade routes. shows that
the United States intercoastal trade
furnished an even 80 percent OF all
cargo passing through the canal in
1924 and that four other major
trades accounted for 35.5 percent ad-
ditional. These were the trades be-
tween Europe and the Pacific Coast
OF North America. lis percent: be-
tween the East coast of the United
States and the West Coast of South
America. 10 p arcent: between Europe
md South America. "a percent and
between the United States and the
Far East. 6.6 percent
In this connection. the report
said:
"All of the major trades show an
increase over 1923. with the sin"le
exception of the trade between tho