New UBVRI polarimetric observations of the active interacting binary V
367 Cyg are presented. Contrary to the previously published results, t
hese observations do not confirm the presence of a substantial circula
r polarization in this variable. It is shown that within the limits of
observational error, the circular polarization in V367 Cyg is close t
o zero, and that the observed linear polarization is dominated by the
interstellar component. The variable intrinsic polarization component
most likely results from the scattering of light by a stream of gas th
at flows from the primary star through the inner Lagrangian point towa
rd the secondary. An analysis of the polarization variability has yiel
ded the orbital inclination i = 82.1 degrees +/- 2.5 degrees and the s
patial orientation of the orbit Omega = 51.5 degrees + 6.1 degrees. It
is also shown that there is no source of intrinsic constant linear po
larization in V367 Cyg, suggesting in turn that this binary has no ext
ensive disk-shaped envelope, while not ruling out the presence of a sp
herical envelope.