Extending theoretical calculation of the previous paper, the author has made a theoretical formula giving the frequency of natural vibration of a penstock in the form of a cylindrical thin shell. In this formula, the following three items are taken into consideration, namely ; (1) The elasticity of wall of the shell, (2) The effect of pressure head of water contained inside the shell, which causes hoop tension in the wall material, (3) The effect of virtual mass of water contained inside the shell, due to the fact that the water makes vibratory motion at the same time with the vibration of wall.