Guinea Airways And Guinea Gold

Well-Managed Companies Pay Good Dividends

THE growth and development of Guinea Airways Ltd. —the premier aerial transport concern in New Guinea, and one of che most efficient and successful avia tion companies in the world—are told in the following figures. Although the com pany operates only in New Guinea, its headquarters and chief shareholders are in Adelaide:

The company began operations early in 1928, and it has been very lucky. It

never has had a really bad accident (of which there must have been considerable risk in the beginning) ; it has been under the direction of far-seeing and capable men; and it has had an exceedingly loyal and efficient staff. It has issued £75,000 out of its authorised capital of £100,000; and its total profits, during the six years since it started, are £131,850. It has been able to pay a steady 20 per cent, divi dend; and it has built up a reserve of £33,000, equal to nearly half of its issued capital. Here are assets and lia bilities, over the last three years:

The directors—Messrs. C. V. T Wells (chairman), W. P. A. Lapthorne, A. A.

Scarfe, George Jeffrey, and L. V. Water house —in their report, say: “Freight rates charged by the company have been progressively reduced every year, and are in process of further reduc tion. At the same time, the passenger and tonnage statistics reveal that con tinuance of the service with efficiency is of such importance to the whole terri tory that the Directors consider it is es sential to maintain adequate reserves.”

The twelfth half-yearly meeting of the shareholders of Guinea Airways Ltd., on May 17, was presided over by Mr. C. V.

T. Wells. Mr. Wells said there had been a substantial decrease in the price ratio for the conveyance of goods, the average price a pound being reduced from 1/- in February, 1928, to 4.12 d. He emphasised need for a sound reserve. It was satisfactory to note a large increase in the passenger traffic, which had been nearly doubled. The total distance trav elled on pay flights exceeded 1,500,000 air miles.

Messrs. George Jeffrey and A. A. Scarfe were re-elected directors unopposed.

Year Ended Tons Passengers Gross February Trans.

Carried.

Revenue Profit. 1929 .. .. 434 869 44,006 6,226 1930 .. .. 949 2047 72,756 31,567 1931 .. .. 1146 1995 67,922 22,077 1932 .. .. 3947 1607 95,619 28,725 1933 .. .. 3980 3856 77,695 13,053 1934 .. .. 6044 7398 111,203 30,202

Liabilities— 1932. £ February, 1933. £ 1934. £ Capital issued . ... 75,000 75,000 75,000 Sundry creditors . ... 14,405 12,720 9,658 General reserve . ... 20,000 18,000 33,000 Assets— Buildings, aeroplanes, etc. 64,915 59,807 50,174 Sundry debtors, etc. ... 24,464 18,570 17,697 Cash 26,437 13,625 Investments 36,920