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Aviation History
1932
1932 - 0112.PDF
FLIGHT, JANUARY 29, 1932 AIRCRAFT COMPANIES' STOCKS AND SHARES COR the greater part of the month leading industrial shares ' moved in favour of holders on the possibility of a satisfactory settlement of the reparations problem in the near future. Subsequently prices lost some of their im provement on fears that the matter may be deferred for six months, but later they were in some cases marked up on the prospect of a general tariff of 10 per cent, or 15 per cent, being introduced early in the new session of Parlia ment. Generally speaking, public interest in the stock and share markets remains at a low ebb. It will apparently require a development of importance in the home or foreign situation to improve the position in this respect. Among the shares of aircraft and allied companies, Fairey Aviation have again been an outstanding feature, firstly on the very favourable impression created by the chair man's speech and secondly on the further £300,000 contract received from the Belgian Government. On balance for the month there has been a rise from 14s. 9d. to 15s. 4|d., #and at one time 15s. 6d. was touched. The debentures, which have also attracted attention, were at one time up to 107J following business at 106. A point the market believes augurs well for the future is the chairman's dis closure that in consequence of continuity of output and increased turnover, it has been possible to work on a lower basis of charges and make reductions in prices. Although little business has been marked in D. Napier & Son's ordi nary, which have lost 9d. on the month, they attracted a good deal of attention. It will be recalled that in Septem ber last the interim dividend was passed. The market is not inclined to forecast the final dividend, but would apparently not be surprised if it were 1\ per cent. For the previous year the total dividend was 15 per cent. Even on a 7J per cent, basis the yield would be satisfactory at the present price. As the company is fortunate in having a Name. Anglo-American Oil Armstrong Siddeley Develop . . Birmingham Aluminium Castg. Booth (James), 1915 Do. do. British Aluminium Do. do British Celanese British Oxygen Do. do. British Piston Ring British Thomson-Houston Brown Brothers Do. do Dick (W. B.) De Havilland Aircraft Dunlop Rubber Do. do. En-Tout-Cas (Syston) Do. do. . Fairey Aviation Do. do. . . Firth (T.) & John Brown Do. do. Ford Motor (England) Fox (Samuel) Class. Deb. Cum. Pref. Ord. Ord. Cum. Pref. Ord. Cum. Pref. Ord. Ord. Cum. Pref. Ord. Cum. Pref. Ord. Cum. Pref. Cum. Pref. Ord. Ord. Nominal Last Current Amount Annual Week's of Share. Dividend. Quotation. Stk. £1 £1 Ci £i £1 £1 10/-h b £1 O a £1 00 £1 c C " Cum.Pref.16/- . 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. 1 - 5/- 10/- Stk. £1 £1 £ Stk. Stk. 8/- £1 £1 £1 £5 £5 % a %- £1 /J Goodyear Tyre & Rubber Handley Page Hoffmann Manufacturing Do. do Imperial Airways Kayser, Ellison Do. do. Lucas (Joseph) Napier (D.), & Son Do. do. Do. do. National Flying Services Fetters Do. .... Roe (A.V.) (Cont. by Arm- strong-Siddeley Devel., 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.v. Westland Aircraft (Branch of Petters, q.v.) Whitehall Electric Investmts. •Dividend paid tax free, B Rate per annum for nine c £1 unit of stock. D Last xd. on March Ord. Ord. Def. Ord. Ptg. Pfd. Ord. Cum. Pref. Ord. Ord. Cum. Pref. Ord. Ord. Cum. Pref. Cum. Pref. £1 %- £1 £i £i £i £io £1 6/8 £i £i 5! «i IS 7 10 6 Nil 8B 65 111 7 10 "I 5 5 6 10 Nil 8 1(1* 8 6D 5»D 10 5 H 121 Nil 71 3 Nil 6 20 15 -'2 8 Nil 6 10 Nil 7 n 15 171* 5 10 8 5* 71 months. 19, 1931. 971 11/3 18/6 38/- 22/- 22/6 18/H 10/3 12/6 18/11 25/- 22/6 22/6 21/3 112/6 15/- 13/7J 11/3 II- 1/101 15/41 106 8/6 8/- 31/3 721 971 10/9 15/11 13/9 13/6 55/- 75/- 58/9 4/3 18/9 lfi'ioi -/4i 20/- 18/9 30/- 1/6 13/9 15/- 30/6 38/9 £9 30/9 8/9 16/6 20/6 good financial position, it is being argued that the shares have attractions for an investor prepared if necessary to hold for a period. Interest in Handley Page preference has fallen off and the price is 9d. lower on the month. Aided by favourable traffics and the opening of the Cape route. Imperial Airways have been maintained and give the appearance of a steady market. Rolls-Royce have come in for support and have gained Is. 3d. to 30s. since these notes last appeared. It is being suggested that the company's increasing interest in aero engine manufacture may do much towards off-setting lower profits from its main business. In any case, the strong financial position would warrant drawing on reserves or carrying forward a smaller sum in order to maintain the dividend. Recovery has been shown by Ford Motor, aided by expectations that the dividend will be kept at 10 per cent. Vickers partici pated fully in the marking up of iron and steel shares on the prospect of a tariff forthcoming in the near future. Although the company remains chiefly interested in arma ment work, it has over the past few years followed the policy of increasing its operations in the industrial field. The report is due in March. For the previous year about 11J per cent, was earned on its ordinary shares, and the dividend was limited to 8 per cent. A good deal of interest has been shown in Triplex Safety Glass on the order that motor vehicles registered for the first time this year have to be fitted with safety glass. Joseph Lucas have again moved against holders, but this is due more to absence of support than any pronounced selling. Brown Brothers, which are held tightly and are not a particu larly free market, have remained at 22s. 6d. The report can be expected by March. As about 17 per cent, was earned on the ordinary shares for the previous year, there would apparently have to be a heavy fall in the past year's profit for the dividend not to be maintained at 10 per cent. Dunlop Rubber moved against holders owing, it is currently stated, to liquidation of a large parcel of shares from a deceased estate. Oil shares par ticipated in the better market tendency during the month and are materially higher on balance. NEW COMPANIES REGISTERED GEORGE DE LENGERKE AND CO., LTD., 629-630, Grand Buildings Trafalgar Square, W.C.2.—Capital £100, in £1 shares. Objects, to acquire and hold shares, debentures, securities, etc., and to carry on business as managers of aerodromes, seaplane bases, motor services, etc. Directors : G. E. de Lengerke (director, Aircraft Investment Corporation, Ltd.) and C. B. L. Weiss, both of The Old Farm House, Motspur Park, New Maiden, Surrey. Secretary, H. A. O'Neilly. NATIONAL AVIATION DAY LIMITED.—Capital £1,000, in £1 shares Objects : to promote and encourage aerial navigation, and to organise and hold, or assist in organising and holding, aeroplane and other aircraft shows and exhibitions, etc. Sir Alan J. Cobham, K.B.E., A.F.C., is first and per manent director. Solicitors : Kenneth Brown Baker Baker, Essex House, Essex Street, W.C.2. CLEWER AERO CLUB CO., LTD.—The nominal capital has been in creased by the addition of £900 in £1 ordinary shares, beyond the registered capital of £100. The resolution to increase was passed in March, 1931, although duty was not paid until December. At the same meeting, the existing 1,000 shares of 2s. were converted into 100 of £1 each. It was also resolved that £100,000 of profit debentures—1,000 of £100 each—be created : half the distributable profits of each year to go to the profit debentures and half to the shares, provided that the profit debentures take priority for 6 per cent, per annum. In the event of such profits being insufficient, the 6 per cent, interest to be made good out of the general funds of the company. 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 s. d. 3 Months 8 3 6 16 6 12 „ 33 0 UNITED STATES 3 Months $2 20 6 „ $4-40 12 „ $8-75 OTHER COUNTRIES s. d. 3 Months 8 9 6 „ 17 6 12 „ 35 0 Cheques and Post Office Orders should be made payable to 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. 104
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