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Aviation History
1931
1931 - 0528.PDF
FLIGHT, MAY 29, 1931 AIRCRAFT COMPANIES' STOCKS AND SHARES LJEAVY forced selling, which only showed signs of^ relaxing towards the end of the month, has led to a general marking-down of industrial share prices duringMay. It is not surprising, therefore, that the shares of aircraft and associated companies have again movedagainst holders ; but, had market conditions been less depressed, prices might have made some response tocurrent talk of amalgamations in the industry, although it should be pointed out that rumours of this kind are treatedwith reserve in responsible quarters. Handley Page par- ticipating preference show a decline on balance for themonth ; last month market rumours of a larger dividend had caused a certain amount of speculative activity inthe shares, which subsequently diminished. The increased profits for the past year and the maintenance of the divi-dend was regarded as an excellent result. The price firmed up after the meeting, where a favourable impression wascreated by the statement relative to patent rights. De Havilland ordinary have been a feature of strength, andlast month's improvement in price has been well main- tained. On the basis of the past year's reduced dividendof 5 per cent., the yield is small ; but last year over 10 per cent, was earned on the ordinary shares, and theremay be the possibility of a larger dividend for the current year, although the chairman's remarks at the meetingwere very cautious, and a conservative dividend policy is expected to be continued. D. Napier & Son's ordinary-have gone back about Is. ; they are, nevertheless, above the lowest price touched this year. The 7J preferenceshares have marked higher prices on attention drawn to the satisfactory yield and the good cover for the dividendshown by the past year's profits. Imperial Airways, Rolls- Rovce and Vickers' ordinary shares have touched the Name. Class. Nominal Last CurrentAmount Annual Week's of Share. Dividend. Quotation. Anglo-American Oil .. .. Deb.Armstrong Siddcley Develop... Cum. Pref. Birmingham Aluminium Castg. Ord.Booth (James), 1915 Do. do. British AluminiumDo. do. British CelaneseBritish Oxygen Do. do.British Piston Ring British Thomson-HoustonBrown Brother? Do. do.Dick (W. B.) .. De Havilland AircraftDunlop Rubber Do. do.En-Tout-Cas (SystOD) .. Do. do.Fairev Aviation Do. do.Firth (T) & John Brown Do. do.Ford Motor (England).. Fox (Samuel) Ord... Cum. Pref. Ord... Cum. Pref. Ord.Ord. .. Cum. Pref.Ord. .. Cum. Pref.Ord. .. Cum. Pref... Cum. Pref. Ord.Ord. . ."C'Cum.Pref... Def. Ord. ..Ptg. Pfd. Ord.Ord. ..1st. Mt.Deb... Cum. Pref. .. Cum. Pref.Ord. .. Mt. Ptual. Deb... Deb. .. Ptg. Pref.Ord. .. Cum. Pref.Ord. Ord... Cum. Pref. Orri.Ord. .. Cum. Pref.Pref. Ord.Ord. . , Cum. Pref. Goodyear Tyre & RubberHandley Page Hoffmann ManufacturingDo. do. Imperial AirwaysKayser, Ellison Do. do.Lucas(Joseph) Napier (D.), & SonDo. do. Do. do.National Flying Services FettersDo. Roe (A. V.) (Cont. by Arm-strong Siddeley Devel., q.v.) Ord. Rolls-Royce Ord.Smith (S.) & Sons (M.A.) .. Def. Ord. Do. do. .. Ptg. Pfd. Ord.Do. do. .. Cum. Pref. Serck Radiators .. .. Ord." Shell " Transport & Trading Ord. Do. do. Cum. Pref.Triplex Safety Glass .. .. Ord. Vickers .. ' Ord.Do. .. .. .. Cum. Pref. Vickers Aviation (Cont. byVickers, tf.r.) .. .. — Westland Aircraft (Branch ofPetters, a.v.) — Whitehall filectric Investmts. Cum. Pref. 5 A 15 7in 6Nil 8B A 22 J 7 10 7.J5 56 10Nil a7* 86 S* 10 5 6i m Nil 66 25IS 7J 100 13'9 I9'639'- 22/R24'6 19/6 4'- 14/4 xd 20 '44 28'9" 24'- 22'7 J 22/7| 120'- 21/- 6 '9 11/6 11*1 4/5i11/6 106 9'fi 12'-53/9 72* 101 10/- 18'914/9 13'1 60/- 77/662- 7/24/7* 22/4J-.'6 22/-18/1 29/9I/1J 14/-16 10i 34/645/7J 10'-23/- 6'617/7J 24/3 A Issued in January. * Dividend paid tax free. B Rate per annum for nine months. lowest prices recorded this year, owing to demand beinga low ebb rather than to exceptionally heavy selling n T^sure. Later prices showed some recovery in sympath with the better tone of markets generally. The heavy fanin " Shell " and Dunlop Rubber ordinary is due to th " cuts " in the dividends for the past year, and s*Smith & Sons' issues went back on the reduction in the interim dividend on the preferred ordinary shares. Theimprovement in British Thomson-Houston preference i sexplained by the probability that the repayment of the company's debenture stock, formal notice of which hasbeen given, will increase the capital value of the preference shares. m m m m PUBLICATIONS RECEIVED Bibliography of Aeronautics, 1929. U.S. National AdvisoryCommittee for Aeronautics, Washington, D.C., U.S.A. Price- 35 cents.The Motor Electrical Manual. 5th Edition. London: Temple Press, Ltd. Price 2s. 6d. net."Missing." By T. B. Bruce. Edinburgh and London: William Blackwood & Sons, Ltd. Price 5s. net.Vandals of the Void. By J. M. Walsh. London: John Hamilton, Ltd. Price 7s. 6d. net.Fbrced handing. By Berta Ruck. London: Cassell ft Co., Ltd. Price 7s. 6d.Delhi Flying Club Annual Report, 1930. The Delhi Fly- ing Club, Delhi, India.Handbook of Aeronautics, 1931. Published under the authority of the Royal Aeronautical Society. Aldershotand London: Gale & Polden, Ltd. Price 25s. net. Chloride Chronicle and Excise News, No. 48. TheChloride Electrical Storage Co., Ltd., Clifton Junction, near Manchester. NEW COMPANY REGISTERED THE A.T.S. CO., LTD.—Capital £3,000, in £\ shares. Objects to acquirepatents, concessions, licences, etc. ; to carry on the business of manufacturers of and dealers in aeroplanes, balloons, airships, flying machines, motors, etc.The subscribers (each with one share) are :—H. N. Wylie, 5 and 6, Clements Inn, W.C.2, consulting engineer, p. H. Emby, Ampney Crucis, Glos,consulting engineer. The Gloster Aircraft Co., Ltd., Sir W. G. Armstrong Whitworth Aircraft, Ltd., and Boulton & Paul, Ltd., may each appoint onedirector. In the event of any two of the said companies amalgamating, one of the directors appointed by such amalgamating companies shall resign,and the amalgamated company shall have the same rights as to removal of the other director and appointment of his successor. Solicitors : Toynson-Hicks & Co., Lennox House, Norfolk Street, W.C.2. AERONAUTICAL PATENT SPECIFICATIONS (Abbreviations: Cyl. = cylinder; i.e. = internal combustion ; m. = motors.The numbers in brackets are those under which tbe Specification will be printed and abridged, etc.) APPLIED FOR IN 1930 Published May 28, 19312H67. P. MAIWURM. Aircraft. (347,679.) 2740. ECLIPSE AVIATION CORPORATION. Engine starting mechanism.(347,734.) 2839. GOODYEAR TIRE AND RUBBER CO. Gasproof balloon fabric. (347,735.)-2925. TARBOX SAFETY AIRCRAFT CO. Aircraft balancing systems. (347,708) 4577. CIERVA AUTOGIRO Co., LTD., and LA CIERVA, J. DE. Aircraft having freely rotative wings. (347,779.)7457. B. BANNERMAN. Diminishing visibility of aircraft. (347,809.) 13,747. ECLIPSE AVIATION CORPORATION. Electrical generating systems.(347,889.) 22,663. ECLIPSE AVIATION CORPORATION. Sparking-plugs. (347,979.) FLIGHT, The Aircraft Engineer and Airships. 36, GREAT QUEEN STREET, KINGSWAY, W.C.2. Telephone (2 lines): Holborn, 3211. Holborn, 1884. Telegraphic address: Truditur, Westcent, London. SUBSCRIPTION RATES POST FREE UNITED KINGDOM UNITED STATES j OTHER COUNTRIES* s. d. ! s. d. 3 Months 8 3 | 3 Months $2 20 I 3 Months 8 9 6 ,, 16 6,6 „ $440 6 17 & 12 „ V33 0 I 12 ,, $8-75 12 ,, 35 0 • Foreign subscriptions must be remitted in British currency. Cheques and Post Office Orders should be made payableto the Proprietors of " FLIGHT," 36, Great Queen Street,Kingsway, W.C.2, and crossed " Westminster Bank." Should any difficulty be experienced in procuring " FLIGHT " from local newsvendors, intending readers can obtain each issue direct from the Publishing Office, by for- warding remittance as above. 490
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