  This report analyzes the I-band CCD photometry of Nova V1974 Cygni from the
1997 observational season. The analysis shows that both short-term modulations
with periods 0.0813 and 0.085 days are still present in the light curve of the
star. We confirmed the stability of the shorter period which is interpreted as
the orbital period of the binary system. Its value, determined using the O-C
residuals, is P_{orb}=0.08125873(23) days = 117.0126(3) min. The longer period,
which appeared in the light curve in 1994, was decreasing until the beginning
of 1995 but then started to increase quite rapidly. In October 1996 the value
of the period was 122.67\pm0.02 min. Until the next observing run the period
significantly decreased. Its value, determined from our observations performed
in July 1997, was 121.87\pm0.12 min. This means that the rate of change of the
period in 1996-1997 was as high as $\dot P \approx 10^{-6}$. Such a rapid
change of the period requires a large amount of rotational kinetic energy, if
we assume that a 122-min periodicity is the rotation period of a white dwarf.
Thus the more probable explanation is the hypothesis is that the longer period
including a superhump period is caused by the precession of an accretion disc
surrounding a white dwarf primary.
