FLIGHT GUARANTEED
Government had Backed Ulm to Extent of £BOOO INSURANCE POLICY LODGED ‘ONLY FORMAL PROCEDURE’ (United Press association—By Electric Telegraph Copyright). Received 10.45 a.m tod-ay. BRISBANE, To-day. The Prime Minister (Mr J. H. Lyons) revealed to-day that the Commonwealth Government had guaranteed Ulm’s expenses on his transpacific flight to the extent of about £BOOO. The Government decided to guarantee part of the expenses partly because the airman was anxious to demonstrate the success of a British 'plane. Ulm had everything planned carefully, he said, so success seemed reasonably sure. In the circumstances it was deemed desirable to guarantee his bank overdraft. The Commonwealth Bank financed Ulm, and Ulm lodged his insurance policy for £I(T,GOO, only £5090 of which would be collected if his life was lost outside Australia. “This was a formal procedure, added Mr Lyons, “for no Government would think of seizing the insurance if Ulm lost his life, and if he succeeded he would have had financial resources upon which to draw.
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https://paperspast.natlib.govt.nz/newspapers/HAWST19341210.2.51
Bibliographic details
Hawera Star, Volume LIV, 10 December 1934, Page 7
Word Count
165FLIGHT GUARANTEED Hawera Star, Volume LIV, 10 December 1934, Page 7
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