LOSS ON SERVICE

Evening Post, Volume CXXVIII, Issue 38, 14 August 1939, Page 12

LOSS ON SERVICE

AIR TRAVEL (N.Z.), LTD.

Air Travel (N.Z.). Ltd., operating on the West Coast, made a loss of £75,-s in the year ended June 30, 1939, compared with profits of £984 and £917 in each of the two preceding years. After allowing the usual depreciation and deducting the credit balance of £199 brought forward, a debit of £554 <s left in the profit and loss appropriation account. No dividends or other appropriations are recommended this year. Last year a dividend of vj per cent, was paid. The directors report that repairs and maintenance of machines were heavy this year, two engines being practically rebuilt. Finances were seriously affected as the company failed to obtain revision of the mail contract rates. On the Hokitika-Jackson's Bay run this proved onerous and while mails carried increased by 23 per cent., the remuneration was only 6.9 per cent. more. Some 78.7771b of mail were carried, compared with (53,8381b in the previous year.

Fewer scenic flights were made because of adverse weather. In all 4325 passengers were carried on 4224 flights occupying 1954 flying hours. Since the company started operations four and a half years ago its machines have flown 6537 hours lor 13.577 flights, carrying 15.570 passengers, 223.2301b of mail, and 80,2431b of freight, or equal to 100 tons of mail and 36 tons of freight. In July. 1935. 122 d shai-er ware offered to shareholders and were fully subscribed and paid up to 10s and a call of 5s a share was made on 2349 shares in October. 1938.