COMPANY MEETING
BRITISH LION FILM CORPORATION
THE thirteenth annual ordinary general meeting of the British Lion Film Corporation, Ltd., was held on August 21S1 in London.
Mr. S. W. Smith (chairman and managing director) said that the gross profit had advanced from £77,372 to £105,901, an increase of £28,528, and the net profit amounted to £29,074, showing an increase of £25,055, the figure being arrived at after reserving for National Defence contribution ; £16,135 had been reserved for income tax, and the directors recommended a dividend on the 7f per cent. participating preference shares, together with a maximum participating dividend of 2f per cent., making to per cent. in all. They also recommended a dividend of so per cent. on the ordinary shares. That was the first dividend paid on either class of share, and the directors were happy at being able to recommend it. It would be extremely difficult to forecast the prospects for whole of the present year, but profits had been so far maintained. With regard to dividends in the future and during the time that they were taxed to the present extent and had to make provision for Excess Profits Tax, it was proper that shareholders should bear in mind that that tax must be provided for. Thus, whatever might be the trading profit for the current year, the incidence of that taxation must limit the amount that could remain for distribution by way of dividends. The company's resotirces were in a very liquid state, so that it would be in a position to enlarge its activities as oppor- tunity arose. While the year under review had been extremely difficult, they were pleased to report increased profits due to the much better products delivered by their associates, Republic Pictures Corporation of America, and the profits made by the -British pictures which had been distributed.
The reran and accounts were unanimously adopted.
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