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production of sound films. In addition, some Japanese technicians invented a few sound systems, of which P. C. L. (Photo Chemical Laboratory or Shashin Kagaku Kenkyu-sho) and Tsuchihashi System (adopted by the Shochiku) are the outstanding achievements.
Thus the technical obstacle was removed by relying upon various inventions, but in reality, the solving of this question was not as easy a task as one may gather from this statement. It took years and the goal was reached only after many detours. The great¬ est difficulty in this long process of solving the technical hindrances was the lack of suf¬ ficient capital. It must be obvious from foregoing statements that the Japanese film indus¬ try had been begun under more or less private managements of limited capital. It is true that industry had made rapid advancement but it had not gone beyond the stage of small-capital enterprise. The necessity for increasing the capital that inevitably accom¬ panied the coming of a talkie age was a long stride, and naturally enough meant a great deal of sacrifice and risk. Furthermore, as has already been explained, from 1930 to 1932 Japanese industry was being menaced by a succession of general economic panics; many independent smaller productions collapsed; second-rate studios were closed everywhere; non-payment and reduction of salary caused frequent strikes. The Teikine, a comparatively large company, was unable to tide itself over the panic and went bankrupt. And the Shinko-Kinema was founded, as a deputy company in order to liquidate the fallen Tei¬ kine. The appearance of the talkies at this very juncture meant a more serious risk to the film industrailists, and it enhanced the marked tendency toward the decline of small capitals and the organization of powerful trusts to liquidate and annex small concerns. As was true both in America and in European countries, the film was to combine forces with big money through talkies. And in this fashion a step was taken toward a larger enterprise in a capitalistic system. The sound film not only supplied sound to the film, but played a very important part in transforming the very organization of the film industry.
Let us see what changes were brought about in the world of movies by this crisis and as the result of the final overcoming of the risk. The most signal outcome was the enormous growth of the Shochiku trust. Taking advantage of the confusion and busi¬ ness slackness of the Nikkatsu caused by the incompetence and shady dealings of its directors, the Shochiku gained tremendous ground, incorporating the already mentioned Shinko-Kinema and other smaller productions, proving literally the supreme master in the screen and stage circles of Japan. It looked as though the Shochiku trust might completely monopolize the Japanese screen, but it missed the prize within its grasp. The tendency towards large accumulated capitals invited powerful financiers and capitalists in other industries into the arena of film industry, and now that the film has been proved an object for secure and profitable investment, a few new enterprises rose in succession each with a solid financial background, to finally dispute the prerogative of the Shochiku trust. The P.C.L. with its P.C.L. sound system, was organized in 1933, financed by some
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