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Aviation History
1931
1931 - 1048.PDF
FLIGHT, SEPTEMBER 25, 1931 AIRCRAFT COMPANIES' STOCKSAND SHARES CONDITIONS in the stock and share market were*-" naturally overshadowed towards the eud of September by the suspension of the gold standard. Sufficient timehas not elapsed at the time of writing to judge the effect 01 this decision on the. Stock Exchange, but it cannot bewithout significance that dealers are hopeful that before long public interest will increase, although, of course, somefluctuations in prices are to be expected before things settle down to the new conditions. Readers will havenoticed that the consensus of expert financial opinion is that the suspension of the gold standard is likely greatlyto stimulate the country's industries. As was to be ex- pected, the shares of aircraft and allied companies havenot escaped the general downward trend of prices of industrial shares in the past month ; but they have notexperienced very heavy selling, although several dividend announcements have proved disappointing. The decision topass the interim dividend of D. Napier & Son (5 per cent, was paid last year as an interim) was not altogether asurprise, for, as was mentioned here last month, the market was prepared for a reduction. If current reportsthat the company contemplated making an offer for Bentley Motors is correct, it would presumably be a reasonfor conserving resources, but, apart from this, the uncer- tainty of the general outlook has led the boards of a largenumber of companies to defer all decision regarding ordi- nary dividends until the full accounts for the year areavailable. The Napier decision has an adverse influence on Fairey Aviation and de Havilland shares, for, asneither of these companies pays interim dividends, there will be no official indication of progress during the currentyear until their reports are published. Each company's year ends this month, and the reports usually appear aboutthe end of December. As in the case of D. Napier, the Name. Class. NominalAmount of Share. Anglo-American Oil . . ,. Deb.Armstrong Siddeley Develop.. . Curn. Pref. Birmingham Aluminium Castg. Ord.Booth (James), 1915 Do. doBritish Aluminium Do. do.British Celanese British Oxygen Do. do.British Piston Ring British Thomson-HoustonBrown Brothers Do. do.Dick (W. B.) De Havilland AircraftDunlop Rubber.. Do. do.En-Tout-Cas (Syston) .. Do. do. ..Fairey Aviation Do. do.Firth (T) & John Brown Do. do. ..Ford Motor (England). . Fox (Samuel) Stk. 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. Ord.Ord. . Cum. Pref.. Pref. Ord. Ord.Cum. Pref. 10/- Goodyear Tyre & RubberHandley Page Hoffmann ManufacturingDo. do. Imperial AirwaysKayser, Ellison Do. do. Lucas (Joseph)Napier (D.), & Son Do. do.Do. do. National Flying ServicesPetters Do.Roe (A. V.) (Cont. by Arm- strong Siddeley Devel., q.v.) Ord.Rolls-Royce Ord. Smith (S.) & Sons (M.A.) .. Del. 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. i Do. Cum. Pref.Vickers Aviation (Cont. by Vickers, q.v.) .. .. —-Westland Aircraft (Branch of Petters, q.v.) —Whitehall Electric Investmts. Cum. Pref. LastAnnual Dividend. w 710 6Nil 8B 22*7 10 n 55 610 Nil8 7*8 6P 5*D 10 5 m Nil7* 56 625 15 I* Nil6 7* 5'10 85* Current Week'sQuotatio n 100H/4J 18/-38/6 20/32 1/3 18/94/- 11/10*19/10* 26/322/3 21/10*22/6 116/313/1* 14/913/9 3/1*11/10* 1067/6 8/635/- 71* 99*11/- 16/-15/- 12/650/- 73/948/9 5/7*24/4* 22/6 -/4*20/- 18/9 27/61/- 10/-10/- 30/-29/4* £H26/3 7/618/- * Dividend paid tax free. c £1 unit of stock. B Rate per annum for nineD Last xd. on March 19. 22/9 months. present price of P'airey Aviation and de Havilland sharesappears to discount more than a moderate " cut " i ndividends ; it is not, therefore, surprising that better support has been forthcoming for these shares at the lowprices now ruling. Kolls-Koyce are also down practically to the lowest price so far touched this year. Little interesthas been shown in Imperial Airways, pending the issue of the report. As was mentioned here last month, themarket appears to hope that the dividend will be main- tained. Ford Motors have also shared in the markingdown of values, and in other directions British Aluminium fell sharply on the absence of an interim dividendTriplex Safety Glass have been a firm spot, thanks to the decision to raise the dividend from 5 to 10 per cent. Thecompany has obviously reaped benefit from its policy of increasing production and lowering prices. Vickers wereagain active on tariff hopes. National Flying Services have been neglected ; the report falls to be issued inOctober. Joseph Lucas have remained under fears of a " cut " in the distribution, but have been a better market.Brown Brothers failed to benefit quotably from the main- tenance of the interim at 2£ per cent. " Shell " have beenvery weak, in common with other leading oil shares ; the present price discounts a very large reduction iii thedividend. m NEW COMPANIES REGISTERED AERO MOTOR SPIRIT CO., LTD., 235, Westminster Bridge Road, S.E.I—Capital £2,000, in £1 sharps. Distillers, manufacturers and distributors spirit distributor, and service station proprietor (director of RipplesidcService Station, Ltd.). BRITISH EXPERIMENTAL PROJECTOR ADVERTISING CO.,LTD., 41, Frederick Street, Birminghrm.—Capital £2M) in £1 shares. Objects, to carry on the business of aerial advertising and publicity agents andspecialists, by means of balloons, dirigibles and aircraft generally, etc. Directors : F. M. Wharton, 74, Stanmore Road, Edgbaston, Birmingham(director and works manager of Hall Street Metal Rolling Co., Ltd.), H. W. Peters, " The Bungalow," Davehouse Lane, Solihull (director H. W. Petersand Co., Ltd.) LONDON AERO PISTON CO., LTD.—Capital £1MI in £1 shares. Manu-facturers of and dealers in pistors, repairers of n:otcr vehicles of all kinds, manufacturers of and dealers in aerial conveyances and aircraft of all kinds,etc. Directors :—W. Paddon, 4, Craven Park Road, N.W.10, mechanical engineer, and D. W. Gosschalk. 8, Essendon Road, Sanderstead, gent. Solici-tors : Hicks, Arnold and Bender, 25, Southampton Street, Strand, W.C.2. AERONAUTICAL PATENT SPECIFICATIONS (Abbreviations: Cyl. =» cylinder; i.e. = internal combustion; m. =» motorsThe numbers in brackets are those under which the Specification will be printed and abridged, etc.) APPLIED FOR IN 1930 Published September 24, 1931 16.645. H. R. RICAKDO and W. M. BERGIUS. Internal-combustion enginesof the liquid-fuel injection compression ignition type. (355,812.) 16.646. H. R. RICARDO and VV. M. BERGIUS. Internal-combustion enginesof the liquid-fuel injection compression ignition type. (355,813.) 19,682. W. MESSERSCHMITT. Aircraft. (355.S82.) 25,097. BAYERISCHE FLUGZEUGWERKE AKT.-GES. and W. MESSERSCHMITT. Aircraft. (355,941.) 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 3 Months J2-20 6 „ J440 12 „ $875 OTHER COUNTRIES* s. d 3 Months 8 9 6 „ 17 « 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 cjv*obtain each issue direct from the Publishing Office, by 1°r~ warding remittance as above. 978
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