Cover franked with 1929 200rs carmine and 300rs light blue 'Santos Dumont' AIR issue and 1931 200rs+100rs green (SG 470/471 & 494) tied by RIO DE JANEIRO cds's dated 1.XI.1931 with PANAIR DO BRASIL RIO DE JANEIRO airmail cds alongside. Flown on the Rio de Janeiro - Paranagua' first flight with illustrated 'PRIMER MALA AEREA PANAIR' first flight cachet in black on front. Addressed to 'Humberto Carvalho, Agencia da Panair, Paranagua' with arrival cds in purple on reverse. Uncommon. (Muller #unlisted, recorded in 'Brasilien Erstfluge bis 1949' by K Wittig)