The Bioscope (May-June 1912)

The Bioscope, June 27, 1912. 961 The World of Finance. ‘The following information has been specially compiled for THE Broscups, and includes a Register of New Companies, Mortgages und Charges, Winding-up Petitions and Orders, County Court Judgments, Reports of Financi Cases, etc., etc. All inquiries respecting tinancial mtters must be addressed to the Kditor, and the envelope marked *‘ Financial.” PALACE ELECTRIC THEATRES, LTD. In the Chancery Division, on Tuesday, June 18th, Mr. Justice Swinfen Eady heard a petition by J. Lewis, of Wolverhampton, for the compuleaey winding-up of the Palace Electric Theatres, Limited. The company did not appear. Mr. Wilkinson, for the petitioner, said it was a creditor’s petition, and the camipany had made an arrangement for the payment of the debt. It would take a month to complete the arrangement, and it was desirable that the petition should stand over dor that period. Mr. Kingham, for another creditor, said he did not object to the adjournment, but, in answer to his Lordship, said that if the petition were not pressed he would perhaps apply for his client to be substituted as petitioner. Mr. Wilkinson: My friend only represents a debt of Mr. Kingham: That may be, but I am a judgment creditor. His Lordship: It is a smal] amount. pany can pay Mr. Kingham’s client? Mr. Wilkinson said he was told by the company’s solicitor that arrangements would be made to pay Mr. Kingham’s client. His Lordship ordered the matter to stand over for fourteen days. Perhaps the com SOUTH EASTERN ELECTRIC THEATRES, LIMITED. In the Chancery Division, on Tuesday, June 18th, Mr. Justice Swinfen Eady heard a petition by Messrs. Maple and Co., Limited, for the compulsory winding up of the South Eastern Electric Theatres, Limited. Mr. Gore Browne, K.C., said he appeared for the petitioner, who was a judgment creditor. On Saturday an affidavit was filed by the company, which said that on June 8th an extraordinary resolution was passed, stating that the company, by reason of its liabilities, could not carry on its business, and putting it into voluntary liquidation. It also appointed a gentleman as liquidator, who had been appointed receiver for the debenture holders. He (counsel) asked that the petition might stand aver, in order that he might consider the position, see whether or not there waz prejudice by reason of the voluntary winding up, and, if necessary. amend the petition alleging prejudice. He was told that under the company’s scheme something might be obtained by the creditors, but he must consider the matter. His Lordship adjourned the petition for a fortnight. PRIVATE MEETING. In pursuance of Section 188 of the Companies (Consolidation) Act, 1908, a meeting of the ereditors in Jasper Redfern and Co., Limited, opticians and experts in cinematogmphy, etc., 53-57, Surrey Street, Sheffield, and Central Hall, Norfolk Street, Sheffield, was held at the Centra] Hall, Norfolk Street, Sheffield, on June 7th, the meeting naving been convened by the liquidator, Mr. John J. Jubb, eccountant. of Fitzwilliam Street. Sheffield. The statement of affairs presented by Mr. Jubb showed liabilities sonsisting of the claims of general trade creditors £1,580, cash creditors £423, and unpaid dividends and directors’ feces £78 12s. 7d.. making a total of £2.081 12s. 7d. On |. the assets’ side were Grand Theatre, Peter Street, Man. Google chester, £18,000 less mortgage £17,592—£408 ; alterations and additions, less depreciation, £552; fixed plant and machinery, £576 12s. 1d. ; show properties in Manchester, £489 1s.; motor-car at Manchester, £75; shup fittings at Surrey Street, Sheffield, £139 13s. 4d.; stock, etc., £1,142 13s. 10d.; Central Hall, fittings, working plant, etc., at Sheffield £1,206 18s. 7d., at Barnsley and Bhorlton £25 ; negatives and goodwill, £100; film stock, £988 13s. 8d.; and sundry book debts, estimated at £100; making a total of £5,803 12s. 6d. After deducting £499 4s. 7d. for the claims of preferentia) creditors, there were asseta of £5,304 7s. 11d., from which had to be deducted debentureholders’ claims and interest of £1,020, leaving net assets £4,286 7s. 1ld. According to the statement, therefore, there was a surplus shown of £2,202 15s. 4d. with regara to creditors, while in regard to contributories there was a surplus of £302 15s. Continuing, Mr. Jubb stated that the company was formed in 1905 to take over the business of Jasper Redfern, Limited. Mr. Redfern agreed to continue to act as managing director at a salary of £350 per annum. This was afterwards reduced by consent, but it had since been made up and the arrears paid. The nominal capital of the company was £3,000, of which originally £900 was issued’ and fully paid. Almost immediately after the formation of the company, the premises known as the Central Hall, Sheffield, were acquired at a rental of £180 per annum for five years, with an option of a further two years at £200 a year, and a picture entertainment was started there in April, 1905. In December, 1905, three more shops were taken for exit purposes, at a rental of £150 a year. The hall was profitable until 1910, the profits in one year amounting to £2,500, but in 1911 there was a loss of upwards of £200. In 1906 the Grand Theatre, Manchester, was taken at £550 a year, and nearly a year later it was decided to purchase the building for £18.000, of which £17,000 was raised on mortgage. This hall was also very successful up to 1910, but for the twelve months ended October, 1911, the profits only amounted to about £80, and for the five months up to March this year they were rather more. The Royal Theatre, Windsor, was taken in 1907, but did not prove a success. An option to relinquish the lease was exercised, but during the currency of that optioy the place was destroyed by fire. A lease of three halls in Liverpool—the Tivoli, Park Palace, and Paddington Palace—was taken in November, 1908. and two of the halls were opened, but after a regular and continuovs Joss an arrangement was made to surrender the lease on terms in the following June. The loss amounted to over £2,000. In order to finance this venture, a further £1,000 of share capital was subscribed. In the result it was decided that no application should be made to the Court for the appointment of a substitute or supplemental liquidator or committee of inspection, but it was resolved to appoint a committee of five gentlemen to act as an advisory committee. The creditors decided not to find any money for the business, but to leave it for the present in the hands of the receiver. In a circular which Mr. Jubb has issued since the meeting, he states that his report showed very clearly that unless the creditors were willing to find or guarantee something like £1,500. the company’s property in the Grand Theatre, Manchester, was practically lost, as it was held by the mortgagees ; and that a similar sum was required to vain possession of the company’s other property and assets from the control of the Receiver appointed by the debenture-holders on May 9th last.