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as a result of the work that has gone before, can easily be of extraordinarily significant monetary value.

During the current calendar year, New York Airways' fleet is expanding from four Boeing V-107 twenty-five passenger helicopters to seven Boeing V-107 and three United Aircraft Sikorsky S-61N twenty-five passenger helicopters. All of these aircraft will cruise in the vicinity of 150 miles per hour and each is powered by two General Electric T-58 turbine engines. At the same time, our company's personnel roster will grow approximately 500 persons including sixty pilots and 116 mechanics.

New York Airways' ability to expand to meet the obvious public demand has resulted from a series of important, possibly vital, contracts primarily with Pan American World Airways and United Aircraft. Although time does not permit the full description of these arrangements, it must be recognized that they prove beyond the shadow of any doubt that the commercial utility of scheduled helicopter transportation has become evident to important persons outside of our own small industry. Beyond that is the fact that now, for the first time, New York Airways has a sufficiently large and modern fleet to do the job of public service which it has so long envisioned and which gives substance to our high hopes for eventual subsidy elimination -- but in this latter connection let no one be misled, it requires time --