H—3s

It is our pleasant duty once again to place on record the Board's appreciation of the excellent and loyal services rendered by the management, executive officers, and staff generally. The year was fraught with great difficulties, but the staff has risen to all occasions and thus has enabled the Corporation to come through a very arduous year with increased efficiency and greatly improved services to the general public. Leonard Isitt, Chairman. J. S. Hunter, Deputy Chairman. F. W. Mothes^ W. W. Hynes H. WORRALL J Wellington, 30th September, 1949. NEW ZEALAND NATIONAL AIRWAYS CORPORATION Operating Account (New Zealand Internal Services), Year Ended 31st March, 1949 Operating revenues — £ s. d. Passenger ... .. .. .. .. 761,701 18 9 Excess baggage .. .. .. .. .. 6,299 5 4 Freight .. .. .. .. .. .. 35,837 12 3 Mail-money .. .. .. .. .. 42,636 1111 Charters .. ... .. .. .. .. 50,656 4 1 Incidental and sundry revenue .. .. .. 15,419 14 10 £912,551 7 2 Operating-expenses — : £ s. d. Flying operations .. .. .. .. .. 335,451 13 6 Direct maintenance : Flight equipment .. .. 165,016 11 9 Indirect maintenance .. .. .. .. 129,71519 8 .Ground operations .. .. .. .. .. 76,781 2 0 Passenger services .. . . .. .. .. 95, 320 5 6 Freight services .. .. .. .. .. 1,561 9 2 Traffic and sales .. .. .. .. ..78,206 1111 Advertising and publicity .. .. .. .. 10,886 19 6 Administration .. .. .. .. .. 63,823 0 2 Aircrew training .. .. . . .. .. 28,479 2 6 Deferred training expenses . . . . .. .. 5,377 1 4 £990,619 17 0 £ s. d. Loss, excluding depreciation and interest .. .. .. 78,068 9 10 Depreciation — Flight equipment .. .. .. .. .. 129,653 18 8 Ground equipment .. .. .. .. .. 12,300 19 3 Interest on capital at 3| per cent, per annum .. .. 26,721 6 10 Net loss for year ended 31st March, 1949 .. £246,744 14 7

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