COMPANY MEETING
ASSOCIATED BRITISH PICTURE CORPORATION, LIMITED
PROSPERITY IN ALL BRANCHES THE annual general meeting of Associated British Picture Corporation, Limited, was held on August loth at Winchester House, Old Broad Street, London, E.C.
Mr. John ,Maxwell, the Chairman, reviewing in a general way matters affecting the film and cinema industry, recalled that ten years ago their Corporation first became a public company (British International Pictures, Limited) with a relatively insignificant share capital, but with a definite policy to build a successful and creditable undertaking that would play an important part in establishing an industry of great national value.
The passing of the Films Act of 1927 had made it clear that that Government attached great importance to building up a successful film production industry in this country, and, notwithstanding many difficulties, the Corporation had, he thought successfully, built a strong and comprehensive structure embracing the three main branches of the industry. The ten years' life of the Films Act being on the point of expiry, the Government had announced their intention of, renewing the Act for a further period of ten years, and had outlined proposals which showed their intention that, in the second decade, the Films Act would aim to develop and broaden the basis of the film industry and give it protection for achieving more ambitious objectives. On its part the Corporation would do their bit to help forward the attainment of those purposes, as they had done in the past.
Shareholders might have read much in the Press regarding the position of film production, but in their own case he was glad to say that the film production department of their business was functioning in good shape, and would, in the current financial year, yield substantial profits. That estimate was based on the fact that their film distribution department had shown an increase in turnover in the last six months of more than 5o per cent., while production costs had been coming down to a rational basis. From the point of view of saturation and redundancy of cinema building, moreover, it had always been the policy of the board to choose with extreme care the neighbourhoods in which they decided to extend, and the results achieved showed they had not erred in their choice. He felt that shareholders need have no qualms regarding the proposed legislation affecting the film and cinema industry, and, with all three departments of their business now showing increased profits, he could confidently predict, both for the current year and for some time to come, an increase in prosperity in which the shareholders might reasonably expect further to participate.
The report and accounts were unanimously adopted.
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