Kinematograph year book (1944)

Film Exhibition and Kinema Technique. 167 participating ordinary shares into 10 per cent, comulative preference shares. The position concerning the financial control of Gaumont-British has been the subject of a statement by Mr. Rank, whose purchase of the 51 per cent. " A " voting shares in the Metropolis and Bradford Trust has not bsen accompanied by the consent of the American interests to the financial control involved in the transfer. Sanction for the transfer, he declared, would not materialise at the moment as they had the control of the Board of Trust. So far they had nor specifically asked for the approval of the American interests — 20th Century-Fox. Mr. Rank's other circuit, Odeon, is also riding on a prosperity tide, and this year paid 15 per cent, dividend, the best ever. Although quite a number of theatres have been acquired by the circuit, three interesting deals took place during the past twelve months. They included the transfer to Odeon of the Joseph Mears circuit in the Richmond, Surrey, district, involving a payment of approximately £700,000, and early this year the acquisition by A.P.P.H., a G.-B. subsidiary, of the Gaumont Super circuit which Phil Hyams and A. J. Gale established in the London area. In August a number of kinemas owned by the rapidly growing W. J. Elcock's Mayfair circuit were acquired by Associated British. Forty-four kinemas were involved in the original deal, but following representations by the K.R.S. the negotiations with respect to 25 of the theatres were broken off. The Mayfair circuit now comprises some 40 kinemas, which it is expected will bs augmented within the next year or so to 70 or 80. The past year was another successful trading year for A.B.P.C. who declared a 17£ per cent, dividend, including 2£ per cent, cash bonus. The resignation in July of A. G. Allen, chairman of the Corporation for fifteen months, created a Trade and City sensation, particularly as no explanation of the position was given to shareholders. At the August annual general meeting the chair was taken by P. A. Warter (who has since been knighted for his war-time services), the son-in-law of the late John Maxwell, but there has been no permanent appointment to the post. Early in the year there was speculation as to the future of the Corporation, and rumoured attempts by British and foreign interests to buy the remainder of the Maxwell interests added point to the Trade and financial talk of trustification. In February, 1944, assurance was given by Mrs. Maxwell and Warner Bros, that none of their holdings in A.B.P.C. would be disposed of without prior consultation with the President of the Board of Trade. The part A.B.P.C. will play in shaping post-war policies of the British Industry is difficult to predict. At the moment the physical functions of the Corporation are largely influenced by the Warner share interests, and in the announced plans for post-war production an even closer collaboration is apparently contemplated so that A.B.P.C. may have the benefit of the American companies' experience, artists, and general production facilities. A survey of the circuit situation would be incomplete without mention of two significant developments— the formation of managers' committees or associations, and the establishment of comprehensive pension schemes for senior grades of employees. The new management policy is designed to extend the measure of co-operation and collaboration between managers and senior executives and provides for regular area meetings for discussion with a recognised channel of representation up to the Boards of Directors. The schemes, which naturally vary in detail, have been generally welcomed by the managerial staffs and appear to be fulfilling the anticipations of their sponsors notwithstanding the degree of suspicion, not to say hostility, with which these managers' Associations are regarded by the recently formed Managers' Trade Union. THE EXHIBITOR'S QUOTA. THE wisdom of the Board of Trade action in stabilising the exhibitors' quota at 1 5 per cent, is provided by the figures of defaults during the year 1941-42, when the quota stood at 17| per cent. They numbered 1,723 in respect of both long and short films with 40 per cent, of the total strength