COMPANY MEETING
GAUMONT-BRITISH PICTURE CORPORATION, LIMITED
THE twelfth annual general meeting of the Gaumont-British Picture Corporation, Ltd., was held on August loth, in London.
Mr. Isidore Ostrer (the chairman) said that the available surplus for the year had enabled the directors to transfer to reserve a much larger sum than last year and at the same time to carry forward a balance of £77,437, against £58,798 brought in. In recommend- ing that the available surplus be dealt with in that manner, the directors had not overlooked the possibility of a resumption of dividend payments on the ordinary shares. The profit for the year had been earned during a period of international tension, and the outlook today was still uncertain. In those circumstances it had been deemed prudent to utilise the profit of the year in building up reserves, thereby strengthening the financial position generally. That policy was bound to improve the position of the ordinary shareholders.
A new agreement had been entered into with General Film Distributors, Ltd., for the production of further films ; one of the advantages of the new arrangement would be the reopening of their studios at Shepherd's Bush for film production.
They considered their holding in Baird Television, Ltd., of great importance to the future of the Corporation, being satisfied that the period of development in the home receiver side of the business was now past, and that the popularity of that new article could be assured. From the theatre angle they were concerned in what was termed large screen television, and they had taken the necessary steps to secure the installation of those sets in their theatres as fast as they could be produced.
Shareholders were aware that the Board of Trade had seen fit, on the application of holders of a bare to per cent. of the shares, to appoint an Inspector to investigate the affairs of the Corpora- tion. While the directors were anxious to facilitate the work of the Inspector as far as they could, they had other interests to consider, and in that respect they were acting on the opinion of eminent counsel as to their duties.
As to the prospects for the current year, having regard to the extent of the reserves now appearing in the balance-sheet and the substantial improvement in their financial position during recent years, shareholders might feel that a resumption of dividend pay- ments on the ordinary shares next year might not be imprudent if in the meantime the ordinary course of business was. not adversely affected to any material extent by abnormal conditions.
The report and accounts were adopted.
Previous page
