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[[image]] The West 30th Street Heliport 

[[image]] S-58 Over West 30th Street Heliport

    While acquisition of the S-58's marks an important advance in scheduled helicopter transportation, this development has involved major outlays. The purchase of these three aircraft (including spare engines and parts) has required a capital commitment of some $1,200,000. In addition, the flight and maintenance costs of the new equipment have also increased over those required for the smaller helicopters preciously in operation, and substantial training and other integration expenses have been incurred with respect to these new units of the Company's fleet. 

    In order to increase the utility of the S-58's on our routes, your Company, in cooperation with the manufacturer, has developed a program for converting these helicopters to amphibious configuration. Although difficult engineering problems have been encountered, it is now anticipated that this program will be completed during the Spring of 1957.

    As a result of your Company's sound financial position, the substantial capital outlays needed for the acquisition of these new helicopters have been financed entirely on a cash basis, and no resort to borrowings has been required.

MANHATTAN HELIPORT. In the latter part of 1956 your Company inaugurated operations to the first commercial heliport to be established on Manhattan Island, located at 30th Street and the Hudson River. As reported in prior years, the establishment of such a facility has, from the beginning, been a principal objective of your management. That this objective has now been attained is an impressive testimonial to the interest of The Port of New York Authority (which has committed some $500,000 to this project), of the City of New York, and of the other governmental agencies concerned with development of scheduled helicopter transportation.

    The 30th Street heliport is only a beginning. It is planned that additional heliports will be constructed at other central locations in the New York Metropolitan Area. The present plans of The Port of New York Authority with respect to these additional facilities are shown by the inset map. The Port Authority is prepared to make a further capital investment exceeding $15,000,000 for the development of these plans, together with enlargement of the 30th Street facility.