Guinea Airways

Accounts for Last Year

THE 14th ordinary general meeting (half-yearly) of Guinea Airways Ltd. was held in Adelaide on May 31. The chairman (Mr. C. V. T. Wells) on behalf of the directors, submitted the following report: “The Profit and Loss Account for the twelve months ended on 28th February, 1935, is presented herewith.

“The Company has completed its seventh year of operations with a record turnover of £114,465. After providing for adequate depreciation for tropical conditions and for all expenses, including insurance of aircraft, a net profit was earned for the year of ... . £20,818 6 6 Adding the Balance Brought Forward from 1934 of 401 3 3 A Total Profit remained of £21,219 9 9 This has been allocated as follows: Quarterly Dividends of 1/- per Share .. £15,000 0 0 Transfer to General Reserve 6,000 0 0 Balance Carried For ward 219 9 9 £21,219 9 9

“The twenty-seventh quarterly dividend, amounting to 1/- per share, has been declared, and is payable on 31st inst.

“The following statistical data will be of interest—

“As in previous years, the freight rates charged by the Company have been progessively reduced, and are in process of further reduction.

“The Company’s fleet of aircraft is in first-class condition. To cope with the cargo offering under various contracts held, three additional units have been ordered since the date of the accompany ing Balance Sheet. Work is steadily proceeding in the reconstruction of the workshops and administrative buildings at field headquarters at Lae.”

Capital is £75,000, and general reserve £39,000. Sundry creditors are owed £14,436, compared with £9657 a year ago.

Plant, buildings, aeroplanes, and stores are valued at £50,033, against £50,174, and sundry debtors owe £23,705, against £17,698. Investments at cost are £41,509, against £36,920. Cash is £13,408, against £13,266.

Period Tonnage Passengers Gross Net Ended Transported Carried Revenue Revenue by Air £ £ Feb. 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 „ 1935 ... 5688 9721 114,465 20,818 22,188 27,493 £ 583,666 £152,668