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The measure of public acceptance of its services at a reducing unit cost in Federal subsidy in this same six-year period is highlighted by the following comparisons:

[[4 column table]]
|---|---|---|---|
|   | 1959 | 1954 | % Change |
| Revenue Passengers Carried | 124,999 | 8,758 | +1,327% |
| Schedule Revenue Ton-Miles Carried | 262,265 | 53,314 | +392% |
| Subsidy Received Per Scheduled Ton-Mile | $8.55 | $25.35 | -66% |

Business Growth. In exceeding one million dollars in commercial revenues for the first time in its history, New York Airways carried 124,999 passengers during 1959 for a new record total, an increase of 37.2% over 1958. For the third successive year, a healthy improvement in load factors was experienced. For 1959, the average load factor was 49.2%, up from 44.6% for 1958 and 39.8% for 1957.
  Freight shipments continue to show consistent gains and reached new highs in volume. They accounted for $39,314 in revenues, a gain of 26% over 1958. While volume of express movements declined slightly from 1958, an improved rate structure resulted in a 28% increase in revenues to $26,176 for 1959.
  Limited available cargo space on the Company's passenger flights tends to restrict the full measure of growth currently attainable in freight and express shipments. Your Company's advanced equipment program and broadened operational service pattern should encourage further gains in freight and express shipments.
  Primarily as a result of aggressive promotion of sight-seeing and charter flights, revenues from non-scheduled services were at an all-time high in 1959, aggregating $62,106 and representing an increase of 53% over revenues derived from the same source in 1958.
  Mail volume remained stable during 1959. All-weather operational reliability in equipment is essential if any appreciable gains are to be made in the volume of mail to be handled.

Regulatory

Renewal of Certificate. As indicated in previous annual reports, your Company's original operating authority was covered by a Temporary Certificate of Public Convenience and Necessity for a five-year term which technically expired on March 31, 1957. The two other certificated helicopter airlines, in Los Angeles and Chicago, had their operating authorizations extended on a temporary basis for seven-year terms subject to further renewal at the end of that time.
  Your Company felt that its record of accomplishments and trend of operations fully operating authority without the usual time limitations. Moreover, to reflect the rapid change in the technological art, your Company also applied for the removal of restrictions which confined operations to rotary-wing-type equipment. Sufficient progress in vertical take-off and other direct-lift aircraft has been achieved so that your Company should be in a position to acquire such equipment if and when it becomes operationally and economically desirable to do so.

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