OVERSEAS AIRWAYS

Nelson Evening Mail, Volume LXXIII, 14 June 1939, Page 7

OVERSEAS AIRWAYS

FINANCING THE NEW SERVICE ISSUE OF STOC K AND BORROWING POWERS NEW LINERS ORDERED ff’.P A -By Electric Telegi a pb-Copy right» LONDON, 13th June. The Overseas Airways Corporation is to be financed by the issue of Airways stock, which can also be used to pay the purchase price of shares. The corporation may borrow £10,000,000. the Treasury underwriting this. Profits must be paid into reserves, and half the profits, after reaching a certain point, must be paid into the Exchequer. Only British aircraft and equipment will be used. The "Daily Express’* says that 12 airliners. costing £1.000,000, have been ordered by the Air Ministry as a first step in the mammoth spending campaign recommended to put the corporation on equal terms with foreign competitors. The machines ordered are of the new British Fairey type, but more machines are being bought temporarily from the United States till the Faireys are manufactured. PAN-AMERICAN AIRWAYS ATLANTIC SERVICE TO COMMENCE THIS MONTH NEW YORK, 12th June. The first transatlantic passenger service between the United States and Europe will begin on 28th June, according to Pan-American Airways. Giant flying-boats with a capacity of 74 passengers will make weekly flights, taking about 44 hours’ flying time between New York and Marseilles.

A London message published yesterday stated that the British Overseas Airways Bill, introduced in the House of Commons, gives effect to the Government’s decision that the British Overseas Airways Corporation should acquire and operate the Imperial Airways and British Airways undertakings.