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On August 1, 1947 we inaugurated services over two new routes between New York and Bermuda and between Washington and Bermuda. We have very aggressively developed our increasingly popular "Skycruiser" services to this Island wonderland and in the first year of operation carried 16,000 passengers, even though keen competition exists with two large and long established airline services to Bermuda. Just as in the case of our domestic routes, we are currently receiving inadequate mail compensation over these international routes. Last April we petitioned the Civil Aeronautics Board for an increase in the mail rate applicable to our Bermuda operations that would compensate for the increasing costs experienced since the original rate was established. We have every reason to believe that in time the rate will be adjusted upward and that we will receive additional mail payments retroactive to the date of our petition.
In closing may I express the hope that whenever possible each of you together with your families, friends, and acquaintances will use Colonial Airlines' service when traveling for business or pleasure. Remember that your company offers safe reliable transportation to year-round resort areas that are unsurpassed in attractiveness anywhere. Any convenient travel agent will arrange both your transportation and hotel reservations at no additional cost to you. Do you realize that if each of our 12,000 stockholders traveled once a year to Bermuda via Colonial, that alone would increase our annual revenue by more than $1,500,000? Similarly, if each stockholder took one average round trip per year over our two routes between Washington and Ottawa - Montreal, Canada and between New York and the same Canadian terminals, it would mean over $400,000 annual increased revenue to your company.
Colonial enjoys an unequalled and proud safety record among all air carriers, consisting of more than 18 consecutive years of operation without fatality to passenger or crew member. It is as sound financially today as at any time during its existence and has continued to maintain an adequate working capital position throughout the critical postwar years. Your management hopes you will learn to know more about your company and manifest an increasing interest in its future prospects. You may be assured that the disparaging viewpoint so frequently finding expression in recent news releases concerning the condition and outlook of airlines generally is neither shared nor experienced at this time by the management of your company. 
Respectfully submitted,
[[signature]]
President.
[[footnote]]Dated August 26, 1948.

Transcription Notes:
Unclear what the signature name is supposed to be.