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Aviation History
1931
1931 - 0934.PDF
^----*«l^ FLIGHf. AUGUST 28, 1931 AIRCRAFT COMPANIES' STOCKSAND SHARES THE crisis in the political situation, continued uncer-tainty regarding the measures likely to be adopted tocope with the financial position, and general holiday influences, have combined to restrict business in the indus-trial section of the Stock Exchange to a very low ebb. Under the circumstances, it is hardly surprising that thegeneral tendency has been for prices to move against holders. Market men report, however, that a firm under-tone remains, and that provided the recommendations of the new Government meet with general approval, quota-tions may be marked up substantially. The surrounding uncertainty of market conditions has naturally adverselyinfluenced the shares of aircraft and allied companies, but they have shown no very heavy declines. Chief interesthas, perhaps, centred on Imperial Airways, whose annual report is expected by the market towards the end ofSeptember. At the time of writing the price of the shares has gone back to 13s., but there is reported to have beenvery little selling. The general belief is that the dividend will be retained at 5 per cent. On this basis the yieldat the present time is nearly 8 per cent. De Havilland have gone back to 16s. 9d. and in this case the yield isalso the largest for some time past. Fairey Aviation were well maintained on balance; the debentures have changedhands and have kept their price, a helpful influence being the payment of the half-yearly interest. These debenturesseem to be snapped up quickly whenever they become available on the market. There is a cumulative sinkingfund of 7 pur cent, per annum, and the company has the right to purchase at or below 105 plus accrued interest,or by drawings at 105. The articles provide that no divi- dend in excess of 20 per cent, can be declared whilst thereis any of the stock outstanding. The further decline in D. Napier shares is due probably to continued market talk ofa lower interim dividend, but at 6s. these shares, which Name. Class. Anglo-American Oil .. .. Deb. Armstrong Siddeley Develop... Cum. Pref. Birmingham Aluminium Castg. Booth (lames), 1915 .. Do. do British Aluminium Do. do. British Cclanese British Oxygen Do. do. British Piston Ring .. British Thomson-Houston Brown Brothers Do. do. Dick (W. B.) De Havilland Aircraft 0US)lop Rubber Do. do. En-Tout-Cas (Syston) .. Do. do. .. Fairey Aviation Do. do. Firth (T) & John Brown Do. du. .. Ford Motor (England).. Fox (Samuel) Goodyear Tyre & Rubber Handley Page .. Hoflmann Manufacturing Do. do. Imperial Airways Kayser, Ellison Do. do. Lucas (Joseph) Napier (D.), & Son Do. do. Do. do. National Flying Services Petters Do. Roe (A. V.) (Cont. by Arm strong Siddeley Devef., q.v.) Rolls-Royce Smith (S.) & Sons (M.A.) Do. do. Do. do. Serck Radiators " Shell " Transport & Trading Do. do. .. Triplex Safety Glass . . Vickers Do. Vickers Aviation (Cont. by Vickers, q.y.) .. .. — — WesUand Aircraft (Branch of PeUers, q.v.) — — Whitehall Electric Investmts. Cum. Pref. £1 • Dividend paid tax free. B Rate per c £1 unit of stock. D Last xd. Nominal Last Amount Annual of Share. Dividend. IV Ord.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. Del). Deb. Ptg. Pref. Ord.Cum. Pref. Ord.Ord. Cum. Pref. Ord. Ord. Cum. Pref. Pref. Ord.Ord. Cum. Pref. Ord. Ord.Def. Ord. Ptg. Pfd. Ord. Cum. Pref. Ord. Ord.Cum. Pref. Ord.Ord. Cum. Pref. £l£1 fi £•110/- ri h £1 £1 c16/ 1/ 5/10/ Stk.£1 £1 £1Stk. Stk.8/ £1 £1£ £5 £5£1 5/£1 £1 2/i\ £1 £11/ £J ft£1 6/8 £1 15 7 10 6 Nil 8B 8*22J 10 7* 5 5 6 10 Nil 8 7» 8 6D 10 Current Week's Quotation 101 14/44 18/- 38/6 20/6 25/7J 18/9 4/9 15/- 20/1* 28/S» 21/6 /1/ 22/6 116/3 16/9 18/- 16/10* H- 3/i h 13/3 107A 8/- 9/- 46/3 71* 117- 17/9 15/7* 13/- 50/- 73/9 49/6 6/- 22/6 22/3 -/<*20/- 18/9 33/3 1/- 12/6 12/6 30/6 43/1*/I0J 7 annum for nineon March 19. 25/- 7/1* 16/6xd 25/1* months. have a nominal value of 5s., do not appear overvaluedat least on probable average results over the next few years. If, as is hoped in some quarters, the interim ismaintained, there would appear to be scope for a rise in the price. National Flying Services have changed handsaround 4£d. The market is not, of course, expecting a divi- dend for the past year. Handley-Page participating pre-ference continued in good demand and the price has im- proved, possibly on the prospect of a larger dividend onthese shares for the current year. There has been a sharp fall in Joseph Lucas, following market talk of a possible" cut " in the annual distribution to 20 per cent. This seems, however, to have now been more than discountedin the price of the shares. Triplex Safety Glass remain well over par despite a fair amount of selling ; hopes of amodest increase in the dividend are still current in some quarters. Market men attribute the improvement inVickers and several other leading " iron, coal and steel shares " to buying on possibilities of a tariff. Pettersissues have moved against holders. PUBLICATIONS RECEIVED Aluminium in Shopfitting. The British Aluminium Co.,Ltd., Adelaide House, London, E.C.4. Royal Air Force: Aircraft Route Book. Part I, Plymouthto Basra. London: H.M. Stationery Office, W.C.2 Price 12s. 6d. net. Aeronautical Research Committee Reports and Memo-randa: No. 1255 (Ae. 404) (A Sequel to Ii. &&gt; M. 1155). The Flutter of Monoplanes, Biplanes and Tail Units. ByR. A. Frazer and W. J. Duncan. January, 1981. London: H.M. Stationery Office, W.C.2. Price 7s. 6d.net. Aeronautical Research Committee Reports and Memo-randa: No. 1375, Possible Cause of Aircraft Fires on Crash. By W. G. Glendinning. January, 1930. Price Is. net.No. 1382, Some Cases of Flow of Compressible Fluids. By Prof. G. I. Taylor. February, 1930. Price Is. net.H.M. Stationery Office, Kingsway, London, W.C.2. NEW COMPANY REGISTERED CIRRUS SALES AGENCY, LTD., 274, Gresham House. Old Broad Street, E.C.2.—Capital £100 in £1 shares. Dealers in, letters to hire, repairers, storers and warehousers of aeroplanes, aeroplane engines, accessories and spare parts, etc. Directors : H. L. Watkins, Holly Barn, Sandy Lane, Guild- ford. F. W. E. Morgan, The Green, Burnham * Buck*. W H Peak 11 Holland Park, W.ll. ' ' m m m m AERONAUTICAL PATENT SPECIFICATIONS (Abbreviations : Cyl. = cylinder; i.e. = internal combustion ; ra. = motors. The numbers in brackets are those under which the Specification will be printed and abridged, etc.) APPLIED FOR 1930 Published August 27, 1931 F. I. BENNETT and H. G. HAWKER ENGINEERING CO., LTD. Machine for forming metal structures applicable to the forming of spars for aircraft. (353,865.) V. WILMOT and J. M. WILMOT. Model aeroplanes. (353,927.) J. DE LA CIERVA. Aircraft having freely rotative wings. (353,908.) C. V. DRVSDALE. Apparatus for indicating speed and'or distance travelled by aircraft through the air. (353,994.) APPLIED FOR IN 1931 Published August 11, 1931 5,644. H. HEIN. Landing devices. (354,162.) 8,979, 10,177. 13,212. 17,271. 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 KINGDOMs. d. 3 Months 8 36 16 6 12 „ 33 0 UNITED STATES OTHER COUNTRIES*s. i. Months 8 957 6 35 8 36 12 3 Months $2 20 6 „ $440 12 „ $8-75 * Foreign subscriptions must be remitted in British currency. Cheques and Post Office Orders should be made payable to fktProprietors 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 eath issue direct from the Publishing Office, by forwarding remittance •*above. 872
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