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The St. Lawrence Seaway area, which Colonial serves, is showing some activity and construction of the Seaway and Power Development should be under way later in 1954. The fare increases will materially improve the results for the last half of the year. If the expected increase in traffic, which is forecast by most experts, develops and provided there is no reduction in mail pay subsidy, your Management is encouraged to look for an improvement in 1954. 

SAFETY RECORD

On April 18, 1954 your Company will celebrate its Twenty-Fourth (24th) consecutive year without an accident causing fatality or serious injury to a passenger or employee. As of the date of this report, Colonial has extended this accident-free record to the enviable total of 725,000,000 passenger miles without a serious injury. This remarkable contribution to the safety of air transportation has instilled confidence in the patrons of your Company's service, as attested by the constantly increasing traffic and is a tribute to the continuing vigilance of our personnel. 

We take this opportunity to extend to each Colonial employee sincere appreciation and congratulations of Management for a job well done. 

ANNUAL MEETING

Your Management is requesting proxies for use of the Annual Meeting of Stockholders to be held on April 21, 1954. The Notice of Meeting and the Proxy Statement are enclosed. 

To assure prompt receipt of communications from your Company, we urge that you retain your stock in your own names and keep your transfer agent, Bankers Trust Company, 16 Wall Street, New York 5, New York, promptly advised of any change in your address.

CONCLUSION

Your Management appreciates the keen interest displayed by the stockholders in the plans of the Company. 

We urge our stockholders to patronize Colonial Airlines whenever possible. We particularly recommend you try our Skycruiser service to Bermuda.