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He ini Radio News Service
7/3/46
BBC LICENSE RENEWED ON NONCOMMERCIAL BASIS
The Government announced in London Tuesday the renewal of the British Broadcasting Corporation’s charger and license for a five-year period under terms which prohibit the public corporation from broadcasting commercially sponsored programs.
BBC, Britain’s only broadcasting service, has been oper¬ ated on a noncommercial basis from its inception and is financed by license fees, presently LI ($4) for radio receivers and L2 ($8) for television sets.
Announced in a white paper, the agreement also calls for steps to prevent beaming of commercially sponsored foreign broad¬ casts at the United Kingdom.
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FUNDS FROM PHILCO 100,000 SHARES PFD. TO ENLARGE PLANTS
Philco Corporation recently filed with the Securities and Exchange Commission a registra.tion statement covering 100,000 shares of preferred stock, $100 par value.
The net proceeds of the issue, which will approximate $10, 000,000 will be added to the general funds of the Corporation and used to meet a major part of the cost of additional plants and facilities required by the post-war demand for Philco products.
The expansion program now underway includes an additional plant for the production" of refrigerators and home freezers estimat¬ ed to cost approximately $6,000,000; a new plant estimated to cost $2,250,000 for the manufacture of radio receiving sets, radio phono¬ graphs and television receivers; a plant for the manufacture of radio, television and other electronic tubes to cost approximately $1,400,000; and timber land and logging and saw mill facilities in North and South Carolina costing approximately $700,000,
Prior to the war, Philco had sold approximately 17,500,000 radio sets, including 4,185,000 automobile radio receivers.
Upon completion of the financing, Philco will have out¬ standing 100,000 shares of $100 par value preferred stock and 1,372,143 shares of $3 par value common stock.
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