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612 HARVARD BUSINESS REPORTS
some instances, film rentals had been reduced by 50%, while in all purchases of films, small amounts had been saved. In general, the Exhibitor's Co-Operative, Limited, had united the independent theaters to an extent that had established them as a factor in the Toronto motion picture situation. Inasmuch as some of the theaters had purchased their films prior to the development of the Exhibitor's Co-Operative, Limited, it was believed that more marked success would be forthcoming in the future.
Membership in the association required a membership fee of $200. As the owner of one theater, Mr. Bailey would be entitled to a single vote. A member was bound by contract to do all buying through the Exhibitor's Co-Operative, Limited, both of film and of supplies, and to insure this a bond was required to the amount of his annual film rental. A failure to buy through the Exhibitor's Co-Operative, Limited, rendered a member immediately liable on his bond.
A member presented his planned purchases to the buyer of the Exhibitor's Co-Operative, Limited, on a printed form, without which the buyer had no authority to negotiate. If a member so desired, he could negotiate for the purchase up to the point of signing and present the results to the buyer. The Exhibitor's Co-Operative, Limited, could buy for the exhibitor only what he desired, when he desired it, and at a price which he was willing to pay. It agreed to lease films at a price not in excess of the amount paid by the member for any similar class of film during the year preceding, less 10% thereof. The member agreed to pay to the Exhibitor's Co-Operative, Limited, weekly in advance, from the date of the agreement until June 30, 1930, an amount as above, plus 10% thereof, on all film leased for him by the Exhibitor's Co-Operative, Limited, and to pay 3% on film already leased by him. In the case of film leased in bulk for several members, he would pay such price for the use thereof as might be fixed and determined by the buying committee of the Exhibitor's Co-Operative, Limited. Certain of the profits were returned to the member pro rata with his buying at the end of each fiscal year.
The buyer for the Exhibitor's Co-Operative, Limited, could not be an exhibitor, but was assisted by a buying committee of seven members all of whom were exhibitors. Individual negotiations for each theater were carried on with the exchange. The Exhibitor's Co-Operative, Limited, hoped, however, to buy by