The Bioscope (Jul-Sep 1931)

September 30, 1931 THE BIOSCOPE 33 Legal and Financial News British Circuits and American “Will Not Pay More,” says Mark Ostrer Films As anticipated in our last issue, which contained details of the annual report and accounts of the Gaumont-British Corporation, shareholders at the annual meeting on Monday were enthusiastic. Eulogistic votes of thanks to the directors were passed. Mark Ostrer, from the chair, said : “ At the annual general meeting of our principal theatre-owning subsidiary companies held in March, the chairman pointed out that the coming year would be a difficult one. Subsequent experiences proved the truth of that statement. Theatre receipts have not been so consistent, due no doubt to depression in industrial centres and diminution of spending power of the community. The present time is too early to predict the ultimate effect of additional Entertainments Tax, but there is no doubt that this addition to the substantial tax which already existed will increase our difficulties in maintaining the earnings of our circuits. The Corporation and its associated companies already contribute in Entertainments Tax a sum exceeding one million pounds.” Referring later to the effect of the depression of the £, Mr. Ostrer said it would not have any effect whatever on the company, which would certainly not pay more for American films. Shareholders were inclined to consider this remark in relation to his statement that the Gaumont-British directors, “ with the experience of the. largest cinema interest in the country behind them,” know the British film to be soundly established so conclusively that their subsidiary renting houses have actually changed over from a product that was mainly American to a product substantially British. This change over bad been accomplished with complete success, and during the past year 34 British films of feature length had been presented by the Corporation. The Corporation’s success during the past year, he said, had been contributed to very largely by C. M. Woolf, through his great knowledge of the film industry generally and particularly of the producing, renting and exploitation side. The nett profit for the year, as reported last week, was £502, 059, an increase of £184,982 over the previous year. FILMOPHONE'S £22,000 OVERDRAFT The second annual general meeting of Filmophone, Ltd., was held at the Cannon Street Hotel, London, E.C., on Friday. In his speech the chairman — A. J. Whitehead — said the issued share capital had increased during the financial year by £6,931, leaving £146,045 of its capital still unissued ; an appeal to shareholders to put up additional capital brought in only £663. The statement of affairs showed an overdraft at the bank of £22,868, which was guaranteed by friends of the directors. The company had suffered considerable loss by bad debts during the year. Despite untold financial difficulties, two subsidiary companies had been formed during the period, both of which had made considerable progress in their various fields of activity. The companies were Filmophone Flexible Records, Ltd., and Filmophone Renters, Ltd. The Chairman also said it was intended to issue £20,000 Debentures in denominations of £10, bearing interest at 6 per cent., repayable in 1941 at £10 10s. The directors and their friends were prepared to subscribe for any balance. Mr. Whitehead was re-elected a director of the company, and H. B. Logan, C. Dodd and Mr. Brickhill, who had been co-opted to the board during the current year, were elected directors. EDIBELL CREDITORS TO MEET A meeting of creditors of Edibell Sound Film Apparatus, Ltd., is to be held on Friday, at the offices of Edward Moore & Sons, Thames House, Queen Street Place, F..C.4 A statement of affairs will be laid before the meeting, which will show liabilities of £23,000 (approx.), including liability £2,406 to debenture holders, and assets of £20,000 (approx.). It is propsed that the company shall go into voluntary liquidation, with E. Norton, of Edward Moore & Sons, as liquidator. The assets are obviously considerable, and if they are carefully handled a substantial dividend, it is held, should be forthcoming. BERWICK THEATRE’S MEETING “ There is no need for shareholders to become despondent, for the theatre is now going ahead and good pictures are being shown,” said Aiderman D. Redpath, presiding at the annual meeting last week of the Berwick Theatre, Ltd. During the year the liability had been reduced by £1,676 0s. 10d., but there was an increased bank overdraft against this amounting to £246 17s. 8d., leaving a net reduced liability of £1,429 3s. 2d. After writing off £293 10s. for the installation of B.T.P. equipment, there was left a profit on the year’s trading of £479 12s. 2£d. The talking equipment, the chairman stated, would not be a recurring item in their profit and loss account. STRATFORD EXHIBITOR’S LOSSES The first meeting of creditors was held on September 23rd at London Bankruptcy Buildings, under the failure of Leopold Linder, 200, High Holborn, cinema exhibitor. According to the debtor's statements he carried on until recently a film publicity business and traded in the name of Linder Films, in addition to running the Palladium, Stratford. Mr. Bruce Park, Official Receiver, reported that the debtor had stated that early in 1924 he commenced a film publicity business at Manchester consisting of making cartoon advertising films. In June, 1928, he came to London. By that time the demand for cartoon advertising films had practically died away and thereafter he concerned himself with making ordinary films for manufacturers and advertisers. In October, 1930, he acquired the unexpired term for 30 years of an underlease of the Palladium, Stratford. Although be expended considerable money and time he coulcl not show a profit. The Official Receiver added that the debtor had not lodged a statement of affairs, but he roughly estimated his liabilities at £3,000, of which £2,500 was in respect of money lent. Fie had no assets and attributed h’s insolvency to continued depression in trade. In the absence of any offer the case was left in the hands of the Official Receiver, but the debtor stated that when he had got rid of the lease of the Palladium Cinema he hoped to be able to submit a proposal to the creditors. BALLYHOO The Metropolitan Advertising Co., Ltd., 22, Church Street, Soho, were summoned at Marlborough Street Police Court on Friday for causing men to wear fancy costumes ; the Piccadilly Circus Cinema, Ltd., 43/44, Great Windmill Street, were summoned for aiding and abetting that company ; and three sandwich-men were summoned for wearing fancy costumes for advertising purposes, in Charing Cross Road, on August 28th. The proceedings were taken under the London Traffic (reversing in streets, advertising in streets and exceptional loads) Regulations, 1928. P.-S. Wolton stated that about 2.30 p.m. he saw the three defendants in Charing Cross Road carrying sandwich-boards advertising the Piccadilly Circus Cinema. They were wearing fancy dress and considerable obstruction was caused. Addressing the sandwich-men, the Magistrate said : I am not going to fine you ; it is only natural that you would accept a job. But you must not do it again. The cases will be dismissed under the Probation of Offenders’ Act. The Metropolitan Advertising Co. and the cinema were each fined £2. JUST THAT NIGHT ! P. F. J. Bosisto, manager of the Palace Cinema, Ammanford, West Wales, was fined £1 at the local police court last week on a charge of failing to make adequate provision of fire appliances. Mr. Bosisto, speaking in his own defence, said that he was acting on the instructions of the Licensing Committee and bought a new length of hose. He was, however, advised by the captain of the local fire brigade to obtain special fittings for the hose. He, Bosisto, then took the nozzles to London and the fittings were to be delivered later. That very evening the police called at the cinema. The Chairman of the Bench commented that it was clear that Bosisto was taking precautions, but they were bound to impose a fine. MORTGAGES AND CHARGES Regent Cinema (Piymouth), Ltd. — Registered September 3rd, £6,750 debenture stock, part of £40,000 ; charged on properties at Plymouth, also general charge. *£10,000. January 5, 1931. Plaza Theatre (Maidenhead), Ltd.— Registered September 7th, £7,500 mortgage to T. B. Batchelor, M.D. Sea Point, Martello Park Road, Canford Cliffs, and another ; charged on Plaza Theatre, Queen Street, Maidenhead, etc. *£9,250 (bankers). October 3, 1930. Brigg Cinema (1928), Ltd. — Registered September 2nd, £100 debentures part of £5,000 : general charge. *£4,071. December 31, 1930. Cullompton Cinema Co., Ltd. — Registered September 11th, mortgage, to Midland Bank Ltd., securing all moneys due or to become due to the Bank ; charged on property in High Street, Cullompton, etc. ♦Amount of debt according to last available return. SATISFACTION Plaza Theatre (Maidenhead), Ltd. — Satisfactions registered September 7th, £5,000 and all moneys, etc., registered August 30, 1928, and £5,000 registered July 5, 1929. COUNTY COURT JUDGMENTS The following are extracts from the Official Register of County Court Judgments, but may have been settled prior to publication, which in any case does not imply inability to pay Benstead, Geoffrey, 149, Wardour Street, W., film exhibitor, £21 13s. 9d. August 12th. Goi.dblatt, H. (male), 4, Bromyard Avenue, Acton, cinema proprietor, £35 9s. 2d. August 12th. Goldbi.att, Harry, and Goldblatt, Max, Grand Theatre, Hanwell, cinema proprietors, £12 5s. 2d. August 17th. Lambert (L. W.), Ltd., R/O, Pioneer Works, 75, Stanley Road, Hounslow, cinema equipment manufacturers, £22 14s. 6d. August 13th. Daylight Talking Pictures, Ltd., 12, Charing Cross Road, W.C., film producers, £11 3s. 4d. July 27th. Martin, Francis J., Gaiety Cinema, Long Street, Thirsk, cinema proprietor, £11 8s 2d. July 30th. Pal, Mr. N., Tivoli Cinema, Liverpool, film hirer, £47 11s. 6d. July 16th. O’Callaghan, Desmond, 43, High Street, Woodford Green, film distributor, £21 11s. August 6th. Griffiths, Sidney C., Pictorium Cinema, Swansea, cinema proprietor, £23 6s. Id. July 27 th. Bailey, Wm. Cedric, The Colosseum, Fairbottom Street, Oldham, theatre proprietor, £11 10s. 8d. July 29th. Bailey, Wm. Cedric, 34, Ribblesdale Place, PreSton, and Colosseum Theatre, Oldham, theatre proprietor, £12 18s. 6d. August 14th. Linder, Mr. L., Palladium, Ward Road, Stratford, film hirer, £10 17s. 7d. July 27th. Cleveleys Entertainments, Ltd., Savoy Buildings, Victoria Road, Cleveleys, cinema proprietors, £16 15s. 4d. July 27t.h. Dodd, S. (male), King’s Cinema, Liscard Road, Wallasev, lessee of cinema, £10 11s. Id. August 6th. Carey, H. (male), 50, Tivoli Park Avenue, Margate, cinema proprietor, £84 14s. 2d. July 6th. Picture Halls (Huime), Lid., The Crescent Picture Hall, Chapman Street, Huime, Manchester, cinema proprietors, £18 8s. 4d. July 20th, RECEIVERSHIPS (APPOINTMENT OR RELEASE) Alexandra Halls (Midlands), Ltd. — P. A. R, Day, of 1, Newhall Street, Birmingham, was appointed Receiver and Manager on September 9, 1931, under powers contained in debenture dated March 28, 1929. . i * Ecclesfield Cinema, Ltd. — A. Ramsay, of 44, Fife Street, Wincobank, Sheffield, was appointed Receiver and Manager on August 31, 1931, under powers contained in debentures dated August 25, 1921, and May 31, 1923.