A time-resolved spectroscopic study of V603 Aql (Nova Aquilae 1918) is pres
ented. An orbital period of P-orb = 0.(d)1385 +/- 0.(d)0002, consistent wit
h previous results, and a radial velocity semi-amplitude of K = 20 +/- 3 km
s(-1) are obtained from the radial velocity variations of the H beta emiss
ion line. Similar K values are also found in H gamma, H delta, and He I emi
ssion lines. Using the measured FWHM of the H beta line and assuming that t
he derived semi-amplitude is that of the white dwarf, we deduce a most like
ly mass ratio of q = 0.24 +/- 0.05 and stellar masses of M-2 = 0.29 +/- 0.0
4 M-circle dot and M-1 = 1.2 +/- 0.2 M-circle dot for the secondary and pri
mary (the white dwarf) star, respectively. The dynamical solution also indi
cates a very low orbital inclination, i = 13 degrees +/- 2 degrees. We find
that the continuum and line variations are modulated with both the positiv
e and the negative superhump periods, indicating that they arise from simil
ar regions of the accretion disc. Moreover, we find, for the first time fro
m spectroscopy, evidence of negative superhumps in addition to the positive
superhumps. Positive superhumps are explained within the disc instability
model as caused by an eccentric disc surrounding the white dwarf, which is
precessing (apsidal advance) because of tidal instabilities, causing the ob
served positive superhumps. A nodal precession in the accretion disc is cur
rently believed to be the cause of the observed negative superhumps. The lo
w value of q is consistent with the expected value for systems that show su
perhumps, in accordance with the eccentric disc model. We find no evidence
of periodicity associated with the spin period.