AUSTRALIAN AIR COMPANY

Hokitika Guardian, 10 January 1929, Page 5

AUSTRALIAN AIR COMPANY

In the eighth annual report covering the year to Juno 30th. last the directors of the Queensland and Northern Territory Aerial Services Ltd. show that, after providing for depreciation of machines and plant, and allowing £IBO-1 for taxation there is a net prolit of £3813. There is a contingency reserve account of £O2OB, which, added to the profit, makes £lO,lll. It is proposed to- pay 0 per cent, dividend absorbing £IBO7, and to transfer the balance to reserves. The report states that during the year the aircraft covered 210,301 miles, against 128,327 in the previous year, carried 3825 passengers and 20,1301 bof freight. The latLer figures exhibit an increase of 10,2031 b. largely due to the CloncurryNormauton extension. The past year marked a definite step forward in aerial service to the outlying parts oT the State hy the establishment at Clo-n----eurry of the Aerial Medical and Ambulance Service, under contract to the Australian Inland Mission. A daily passenger air service lias also been inaugurated between Brisbane and Toowoomba. The company lias been .successful in securing the Brisbane to Charlcvillo service, and operations should commence about April Ist. Continued expansion of operations has necessitated the outlay of substantial sums from time to time for additional plant and general development, and this lms prevented a distribution of profits in the past.