Guinea Airways Ltd.

New Guinea Business Improves

GUINEA AIRWAYS LTD., reports a net profit of £13,887 for the year ended February 28, compared with £25,876 the previous year, and £20,818 for 1934-35. Three dividends were paid during the year, one of 1/-, and two of /9 each per share, together requiring £9375. Against £95 brought forward, £4607 is carried forward. The 34th divi dend, of 1/- per share, was paid on May 31.

Gross revenue was £96,134, against £137,729 the previous year. Tonnage car ried by air was 6705, against 6476, and passengers carried numbered 11,869, against 12,137. The average freight charged per pound of cargo was /2.49, against /2.90.

The directors state that a decided im provement in New Guinea business has been indicated during the current quarter.

The directors have great confidence in the future of the Mandated Territory and Papua, and in the company’s capacity to operate profitably there. Australian operations were inaugurated by the open ing of the Adelaide to Darwin weekly service at the end of February. This route has steadily developed in popular ity, and, though still unsubsidised, is giving satisfactory results. During the current year, the business of Holden’s Air Transport Services Ltd. (which has been wholly acquired by Guinea Air ways, and is now in liquidation), will be incorporated in the company’s figures.

The company’s proposal to issue 80,000 preference shares has already been an nounced. The issue is to provide for expansion of operations in Australia, in volving the purchase of additional high speed multi-engined aircraft and the pro vision of ground organisation. The direc tors state that the present plans for expansion have no direct bearing on whether or not the company is success ful with its tender to the Commonwealth Government for the proposed Sydney-

Salamaua-Rabaul route.

S.M.H.

Mrs. Eric Wood, whose husband is in the New Guinea Administration, arrived in Sydney with her daughter Patricia, by the Macdhui on May 31, en route to New Zealand.