First Flight cover franked with 1929 10c brown AIR issue (SG 460) tied by triangular 'AVIACION NACIONAL DEL ECUADOR PRIMER CORREO AEREO ENERO 1 DE 1932 LATACUNGA - QUITO - OTAVALO - IBARRA - TULCAN' cachet in purple with fine second strike alongside. Flown on the Latacunga - Otavalo leg of the flight. Addressed to OTAVALO with arrival cds dated 1 JAN 1932 on reverse. Very scarce and unlisted by Muller.