PURCHASE OF T.E.A.L. DC8s

Press, Volume CII, Issue 30221, 28 August 1963, Page 14

PURCHASE OF T.E.A.L. DC8s

U.S. Credit Available (N.Z. Press Association) AUCKLAND, August 27. Tasman. Empire Airways. Ltd., will nbt have to worry about finding money to finance the three DCB aircraft recently ordered from the United States. Sir Andrew McKee, chairman of directors of T.E.A.L, said on his arrival back in New Zealand today that the visit to America to try to raise £lO million to finance the aircraft had been “very successful." T.E.A.L. will place proposals before the Government immediately outlining the availability of money on the New York market. Sir Andrew McKee said the New York loan market was very favourably disposed towards New Zealand at the present time. The T E.A.L. board of directors will be meeting in Christchurch on Friday when a report on the United States visit will be made. The general manager of T.E.A.L., Mr F. A. Reeves, said a team from the Douglas Aircraft Company would arrive in New Zealand in a few days for talks on all aspects of the contract. They would also discuss training procedures and other matters relating to delivery of the aircraft. Latest Engines The three DCB’s that T.E.A.L. has chosen are powered with the latest Pratt and Whitney jet engines and have a maximum take-off weight of 300,0001 b. This would enable T.E.A.L. to operate economically over present medium-distance routes or non-stop over such long distances as Tahiti-Los Angeles or Sydney-Singapore.