H —3s

1947 NEW ZEALAND

NEW ZEALAND NATIONAL AIRWAYS CORPORATION (ANNUAL REPORT OF) FOR THE YEAR ENDED 31st MARCH, 1947

Presented to both Houses of the General Assembly 'pursuant to Section 29 (3) of the New Zealand National Airways Act, 1945

The Hon. the Minister in Charge of the Air Department. SirId. accordance with section 29 (3) of the New Zealand National Airways Act, 1945, the Board of Directors has pleasure in submitting the first report and accounts of New Zealand National Airways Corporation for the year ended 31st March, 1947. The period under review has been transitional, and for this reason it is difficult to demonstrate by means of comparative statistics the actual progress achieved. It will be observed, however, from the information contained in this report that the Corporation is undergoing a period of active development, the results of which will be reflected largely in the current year's operations and to a lesser degree in the period under review.