OMPANY MEETING
CAUMONT-BRITISH PICTURE UPWARD TREND OF TAKINGS AND COSTS
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a 17th annual general meeting of Gaumont-British Picture Corporation, • lied, was held on Tuesday in London.
Mr. J. Arthur Rank, J.P., the chairman, presided.
The following is an extract from the statement by the chairman circu- ed with the report:—
The charge for excess profits tax has been arrived at on a basis which hope will eventually prove conservative. The profit and loss account ws that trading profits and sundry income of the consolidated group companies, regarded as a whole, amounted to £2,785,073, the Corn- able figure for the previous year being £2,838,576. It is gratifying to ow that the takings of our theatres and other places of entertainment :h as music-halls maintained an upward trend. On the other hand continued rise in theatre operational costs generally, including a larger sum d out during the, year on repairs and renewals, has reduced the margin gross profit to a level slightly below that of last year.
After making the customary deductions, the net profit of the corpora- n for the year shows a slight reduction at the figure of £192,334. With the addition of the balance brought forward from last year, the ailable profits are raised to £296,298, and it is proposed t these profits be applied firstly, in the appropriation of 9,375 to meet the net amount of dividend for a full year on 51 per cent. cumulative first preference shares, and, secondly, the appropriation of £9o,otio for the proposed dividend of 6 per cent. .s income-tax) on the ordinary shares in respect of the year under iew, the same as last year. The balance of profit remaining to be vied forward is thus increased to £116,923.
EXPORT POSSIBILITIES.
The firm establishment of an industry producing films with highly portant export possibilities will enable it not only to make its due tribution in the post-war period of reconstruction but will stimulate d satisfy the growing demand for better British films in the home rket. It is therefore gratifying to see the steady progress that is being
de. •
t will be seen that, after making provision for dividends, the undistri- ted profits of the corporation and of subsidiary undertakings ami- cable to the corporation show an increase of over £86,000.
The report was adopted.
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