The Report of Imperial Airways for the financial year up
to. March 81st last shows an increase in gross revenue. but the income was earned as the result of greatly enlarged operations, and the net profit was rather lower, being 960,119 against £81,714. Out of the net profit a sum of £25,000 is set aside as provision for taxation and £2,500, or one-tenth of the amount, is written off the sum standing in the balance sheet as " Consideration for waiver of any claims by the Air Ministry for repayment of subsidy." This sum was represented by the issue of £25,000 in Deferred shares to the Air Ministry, and after paying a dividend of 5 per cent. on the Ordinary capital, a balance of £20;957 remains to he carried forward. fhe directors say that on the regular European service traffic continued to improve, and on the , England _to India service traffic was satisfacxory for the
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