Annual Authorization of the Panama Canal Commission And the Annual Authorization
Annual Authorization of the Panama Canal Commission And the Annual Authorization
Zat00
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Guardia. There are the three items of payments to Panama; two fixed amounts of $10 million; one, which is an annuity and the other one which is a payment for services rendered to the Commis- sion. Plus, a number that is based on 30-something cents per pc- net ton that crosses the canal. Among those three numbers, the moneys paid last year, 35 cents per ton, yes, is the present tonnage payment. It was around $90 million. This is within what we consider costs as far as our operation. When we say ...that the canal is a break- even operation, it includes those payments to Panama. Last year, we had a surplus over and above those costs, including the pay- ments to Panama of $1. 1 million, which is the additional payment that was paid in accordance with the Panama Canal Treaty. Actually, the surplus was $1. 7 million; $600, 000 were used to cover carryover losses. The net result of that was the $1. 1 million that was transferred. Mr. Taylor. So, the total transfer then would have been $96. 7 million.
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