The invention provides an improved natural draft cooling tower (10) having improved cooling capability and reduced liquid losses of evaporation and blow-out. To this end, the distribution of hot liquid to the packing assembly within the tower is increased around the perimeter zone of the packing assembly and reduced within the remaining packing assembly of the tower (24). A plurality of air injector fans (30) spaced circumferentially in the air inlet (20) between the shell (12) support columns (14), together with reduced air resistance through reduced hot liquid distribution to tower interior, produce increased air rates (32) and (34) resulting in improved cooling capability and reduced evaporation loss. With improved cooling, further reduction in evaporation, if required, can be achieved with a hot liquid by-pass (52).