COMPANY MEETING
ODEON THEATRES
SUCCESS OF BRITISH FILMS THE eighth annual general meeting of Odeon Theatres, Limited, was held on October Toth in London, Mr. J. Arthur Rank (the chairman) presiding. The following is an extract from his statement circulated with the report and accounts :— The consolidated profit and loss account shows a trading profit of £2,442,427, a decline compared with the previous year of L373,503, due to the decrease in attendances in the London and Home Counties area during the period when the country was being subjected to attacks by flying and rocket bombs. After the cessation of these attacks attendances began to improve, and since the close of the financial year takings show an increase over the corresponding period not only of last year but of 1943. Taking the figures of Odeon Theatres, Limited, .alone, they show that a trading profit has been earned of £1,048,506. The directors recom- mend a dividend on the ordinary shares of 25 per cent., less tax.
We have been fortunate in that few of our properties have been destroyed by enemy action. We have had five theatres totally destroyed and four closed owing to serious damage. Regardless of the horrors which occurred day and night, our theatres have remained open in every part of the country throughout the whole of the war years. We have collected on behalf of various war charities in excess of L450,000, and, with the help of the public, 540,000 periodicals have been handed over to welfare organisations of the Services. The theatres have been made available for lectures and film screening for the training of troops. We feel we can say, therefore, that we have played our part.
FILM PRODUCTION.
We have made great progress in the last two or three years in making pictures in the British studios and, while having British flavour and characteristics, they are of high entertainment value and have been great box-office successes. The chief of these films played during the last twelve months are: "The Way Ahead," "This Happy Breed," "Don't Take it to Heart," "Waterloo Road," "Blithe Spirit," "A Place of One's Own," "They Were Sisters," and "The Way to the Stars." I feel that I should make special mention of "Henry V.," a subject which required great courage to produce. This production of Two Cities Films, Limited, is one of the finest ever seen.
The results from all these films have been most encouraging, for the amounts they have taken at the box-office have been equal to, and in many cases exceeded, those of the product which we get from our Hollywood competitors. The films are playing also in many parts of the world, including India, Australia, New Zealand, Canada and China. We are keeping abreast with all new developments and innovations and ensuring an adequate supply of films and equipment. I am satisfied that under the established and stable management by which your company is operated it can look forward to the future with quiet confidence.
There is a big demand for British films in all parts of the world and, apart from the money they will earn, there is their immense prestige value ; yet our film production activities are severely curtailed owing to the number of studios still commandeered and labour and equipment not being released for their full operation. We cannot afford to give our American competitors any start. If we are to catch up with them we must be given back our studios and equipment with an adequate supply of labour. Activity for the home market is equally vital and the home market can, moreover, provide the foundation of a strong export trade.
The report was adopted.
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