Guinea Airways
p. 63 · Read in the full issue
Financial Year Shows Good Profits and Reduced Freights
THE accounts of Guinea Airways Ltd. (the senior air transport company in New Guinea) were published at the end of May. The whole story is told in the following figures:
Totals 28,664 39,630 £721,395 £178,544 This shows that the net profit, after providing for necessary reserves, was £25,876 for the year, compared with £20,818 for the previous year. Turnover was £137,729, an increase of £23,264 on the previous year’s record total. With £220 brought forward, there is a total of £20,096 available. Quarterly dividends of 1/- per share absorbed £15,000, and £ll,OOO was transferred to general reserve.
The company’s subscribed capital is £75,000, and the general reserve now stands at £50,000. The company’s assets are shown as £70,949 in aeroplanes, build ing and equipment; £20,175 invested in Holden’s Air Transport Service Ltd.; £11,613 in other investments; and £8244 in cash.
The following are interesting para graphs from the directors’ report: “The foregoing table illustrates the consistency with which the Company has adhered to its policy to reduce its freight charges to the public. The bulk of the small freighting has been carried out at rates considerably below the averages given above which include the higher rates necessary for long distances, for special charters and for lifting of heavy pieces of machinery.
“The regular reductions in rates have been rendered possible by the natural development of the volume of traffic which at the same time has enabled sufficient reserves to be set aside to maintain the air fleet and other plant in an up-to-date and efficient condition.
“In this connection, and since the close of the year under review, orders have been placed for new aircraft to a total value exceeding £40,000, consisting of five high speed new models, namely, two twin engined Lockheeds, two single-engined Stinsons and one Taifun. It is proposed to finance these purchases out of reserves.
“The Commonwealth Government hav ing now lifted the ban on the importation of foreign aircraft, the Company has been able, by the abovementioned large outlay, to take full advantage of the most recent improvements in the technique of com mercial aviation, in respect of which British manufacturers of aircraft are un happily not yet in the forefront.
“The Company’s ground organisation has undergone extensive improvements during the past year, with the result that its equipment is adequate to maintain its position as the largest and best equipped cargo-carrying aviation company in the world, “The inclusion in this report of the balance sheet and accounts for the year
1935 of Holden’s Air Transport Services Limited of New Guinea indicates that Guinea Airways Limited now holds a con trolling interest in that undertaking.”
Mr. C. M, Rouse, of Nubia Plantation, Madang, returned to New Guinea by the May Macdhui.
Mr. C. G. Rutledge, technical adviser of Cuthbert’s Misima Goldmine Ltd., sailed from Sydney for Samarai, Papua, by the Macdhui on May 28. He will act as resi dent managing director of the Company at Misima Island for several months until Mr. Frank Hambridge, who became seri ously ill in April, can take up that posi tion. Mr. Hambridge is still in hospital, but his condition Las much improved and he is now out of danger. It is expected that it will be six or seven weeks before he is able to St. Luke’s hospital at Darlinghurst, Sydney.
Mr. S. M. Paisley, manager of Marangis Plantation, Madang, arrived in Sydney from New Guinea by the June Van Rees.
Period Ton- Passen- Gross Net Avge.
Ended nage gers Rev- Revfreight trans- Carenue enue charged ported ried per lb. by Air of cargo 1929 .. 434 869 44,006 6,226 10.61d. 1930 .. 949 2,047 72,756 31,567 8.28d. 1931 .. 1,146 1,995 67,922 22,077 6.50d. 1932 .. 3,947 1,607 95,619 28.725 5.91d. 1933 .. 3 980 3,856 77,695 13.053 4.31d. 1934 .. 6,044 7,398 111,203 30,202 4.12d. 1935 .. 5,688 9.721 114,465 20,818 3.36d. 1936 .. 6,476 12,137 137,729 25,876 2.90d.