|
Agreement was made between
the President of the Air Council and the British, Foreign and
Colonial Corporation on the 3rd of December 1923 for the company,
under the title of the 'Imperial Air Transport Company' to acquire
existing air transport services in the UK, with equipment from
each contributing concern: British Marine Air Navigation Company
Ltd, the Daimler Airway, Handley Page Transport Ltd and the Instone
Air Line Ltd.. The agreement set out the government subsidies
for the new company: £137,000 in the first year diminishing
to £32,000 in the tenth year as well as minimum mileages
to be achieved and penalties if these weren't met. Imperial Airways
Limited was formed on the 31st of March 1924 out of Imperial
Air Transport Co. Sir Eric Geddes was appointed the chairman
of the board with one director from each of the merged companies. |
