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Aviation History
1948
1948 - 0961.PDF
JUNE 24TH, 194S Recent Russians FLIGHT 697- type is notable for its tricycle under- carriage and, according to reports, is well finished and equipped. All-metal construction is used throughout, with the exception of the ailerons, rudder and elevator, which are fabric-covered. The engines are Sz-82, two-row radials of 1,600 h.p. each, driving four-blade airscrews; on the power of one of these, the machine will climb to 9,500 ft. There is accommodation for twenty-seven passengers and a crew of five—two pilots, navigator, wireless operator and stewardess. A point of special interest is that the air-condi- tioning system enables a cabin tem- perature of 77 deg F to be maintained with an outside temperature of —58 deg F. This renders the machine suitable for operation not only in such localities as Jakutsk, where the temperature reaches — 80 deg F, but, for example, in Tashkent (140 deg F). Thermal de-icing of the leading edge appears to be used. Though a much larger and heavier machine than the DB-3F (H-4) bomber, the new Iliushin transport reproduces certain features of that well-tried design. The outline of the fin and rudder, for example, is characteristically Iliushin, likewise the form of the wing. an m-11 nt engine the Yak-18 has a top speed of 159 m.p.h. 11-12 DATA Span ... ... - ... . |20ft Length ~ 70ft Height 24.7ft Weight ... ... .-. 38,000 1b Max. speed . 252 m.p.h. Cruising speed ... , •' 217 m.p.h. MILES ARRANGEMENT AND CAPITAL. REDUCTION THE scheme of arrangement between Miles Aircraft, Limited, itsshareholders and creditors, which has been referred to pre-viously in the pages of Flight, was on June 14th sanctioned by Mr. Justice Wynn-Parry. Mr. M. L. Gedge, for the company, saidthat the scheme had been prepared by Mr. S. R. Hogg, the receiver and manager appointed by the debenture holders, and so far ashe knew the scheme was not opposed. Mr. Justice Wynn-Parry asked whether the recent order for aBoard of Trade enquiry would cause any difficulty. Mr. Gedge replied that the enquiry would not interfere with the carrying onof the company's business, neither did he think there would be any claim against the company itself. Mr. Justice Wynn-Parrycommented that if as a result of the enquiry there were misfeasance claims and these resulted in the resources of the company beingconsiderably increased, would that not affect the framework of the scheme? Mr. Gedge said that the company issued in 1947 aprospectus under which subscriptions for preference shares were obtained, and it was obvious that there was a possibility of actionsagainst the company being brought by persons who took shares on the face of the prospectus. One action had been brought, anda Mr. Buckley had circularized the preference shareholders. As a result of this circular an action t>ased upon the prospectus hadfBeen brought against the company and directors, but it was not by a shareholder but by bank nominees. If the company werewound up, it Was stated, a great proportion of the assets would be lost as far as the creditors were concerned. Conditional uponthe scheme going through, the Handley Page Company were to take over the aircraft assets at a price substantially in excess ofthat which would be obtained in a liquidation. If the scheme were not sanctioned Mr. Hogg would have to obtain from thebank large sums of money, there being a «4rges bill of £3,000 a week. The bank was unwilling to continue financing the companymerely to see if the scheme would go through or not. In October, 1947, the current assets of the company- amountedto £2,224,828, against liabilities of £2,541,015, including a. provision of £1,000,000 for taxation, which provision had proved excessiveby a sum of £290,601 The current assets to the extent of £1,303,040 of work in progress on various aircraft would not, inthe opinion of the receiver, realize the book value shown in the balance sheet. A reduction of capital was to be effected by cancelling paid-upshare capital to the extent of 16s Sd per share on each of the 350,000 issued preference shares of £1 each, by cancelling 4s iodper share in 1,400,000 issued ordinary shares of 5s each and by cancelling 150,000 preference shares of £1 each and 600,000 ordinaryshares of 5s each which had never been taken by anyone. Following the reduction, the capital was to be increased by £1,000,000 bythe creation of preference and ordinary shares of is each. The scheme, it was contended, was fair and equitable, and would befor the benefit of all parties interested. Preferential creditors, including Barclays Bank in respect of £93,820 advances made topay wages and salaries, and the revepue authorities in respect of an agreed sum of £345,590, amounted to £439.530- Unsecuredcreditors for sums of or exceeding £19 amounted to £1,097,087. Unsecured creditors for more than £10 and less than £19 were toaccept £10 in cash, and unsecured creditors for £19 or over were to accept in satisfaction of each £1 of their claims unsecured stockto the amount of 6s, four 5 per cent non-cumulative preference shares of is each and one ordinary share of is. The board of directors was to be reconstituted and to consistof Mr. S. R. Hogg, Mr. A. F. Jopling, together with a chartered accountant and a retired bank official. The receiver and managerwould be removed and the winding-up petition dismissed. ' Mr. Hogg, in an affidavit, stated that assets standing in the balancesheet at £596,457 represented work in progress on aircraft. Such aircraft as could be sold had been completed, but a great dealwould have to be sold for its salvage value and was not estimated to realize more than £50,000. Mr. Justice Wynn-Parry said heregarded the scheme a proper one in the circumstances. PERSONAL HACK : Air Vice-Marshal J. Boothman, Air Marshal Sir James Robb and Air Chief Marshal Sir Roderic Hill are seen at Langley with the prototype Hawker Fury I which Sir Roderic has been using as his personal "hack." This is the machine in which Rill Humble won the Lympne High-Speed Handicap at the Cinque Ports Flying Club's meeting in 1946.
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