OW AN Y MEETING
ASSOCIATED BRITISH PICTURE CORPORATION
RECORD TRADING RESULTS The seventeenth ordinary general meeting of Associated British Picture rporation, Ltd., was held on September 7th at the Regal Cinema, arble Arch, London, W. Sir Philip Warter, the chairman, presided The Chairman said : —The most significant change in the accounts is e consolidation for the first time of the assets and liabilities of the
lion Group, thus giving a picture of the corporation as a whole. As a esult the consolidated figures are not comparable, but it is interesting note that the freehold and leasehold cinema properties now stand at e impressive figure of £21,244,767, and in addition there is the amount £965,426, representing the corporation's studios, properties, and sites r post-war development. The reserves for depreciation and amortization ow stand at £2,954,270, and the reserves and undistributed profits at ,953,021. PROFIT OF £2,106,460.
The total trading profit of the group as a whole as shown in the onsolidated profit and loss account, after providing for Excess Profits ax and deferred repairs, amounts to £2,1o6,46o.
The gross income of the corporation 'amounts to £1,240,523, and after educting directors' fees £2,135, interest on debenture stock £137,487, ovision for depreciation and amortization £175,000, income tax 536,512, there remains a net profit to the corporation of £389,389, to rich must be added the amount brought forward from last year, making 489,729.
ALLOCATIONS.
Out of this sum the following allocations have been made : —Provision war damage £12,500, balance of costs of debenture conversion £7,701, ansfer to general reserve £too,000, preference dividend (less tax) L60,000,
d the interim dividend paid last February £75,000—totalling L255,2o1, d leaving a balance of £234,528, out of which the directors recommend e payment of a final dividend of 7i per cent., less tax, and a bonus per cent., less tax, leaving the balance to be carried forward 134,528. Notwithstanding the difficulties in adequately staffing the cinemas, the estrictions on repairs and renewals of equipment and the continued ortage of product, the corporation has had a record year's trading, roviding first-class entertainment for an average of 4,500,000 people r week.
On the production side the corporation has been hampered by the ck of studio space, but the board in anticipation of the early return of e Elstree Studios is planning to produce a regular supply of high-grade ms. The Pathe Gazette continues to rank in the forefront of the pular newsreels and its cameramen are with the British Army on the minent.
MONOPOLY AND CONTROL. •
The report which has recently been submitted to the President of the ard of Trade by the Cinematograph Films Council, in which they ubmit their advice on what further practical measures, if any, are ecessary to check the development of monopoly in the film industry, eludes a broad and detailed survey of the whole industry and has been arefully studied by your directors. Whilst the export of British films s both desirable and essential, a virile and prosperous production industry an, in my view, only be built up on the solid foundation of the home nket. It is this corporation and the other large circuits who have, by aiding modern and well-equipped theatres and providing the finest tertainment obtainable, made the cinema part of the daily life of the mmunity. The report and accounts were unanimously adopted, and the pro- edings terminated with a vote of thanks to the chairman.
Previous page
