Kinematograph year book (1948)

512 The Kinematograph Year Book. the highest so iar. Earnings were 54.3 per cent., and dividend was raised from 25 to 30 per cent., which has been followed by an interim of 15 per cent, against 12 \ per cent. Speaking at the annual meeting of British & Dominions Film Corporation, which now controls the studio interests of the Rank group, J. Arthur Rank said that the accounts to April 30, 1947 would disclose profits earned for the first year's trading since the issue of the prospectus when the various studio interests were taken over. D. & P. Acquisition Consent of the Treasury had been obtained to issue 102,634 ordinary shares of 12s. each in exchange for 60,250 ordinary shares of D. & P. Studios, Ltd., which were previously held by two companies in which the late Charles Boot was interested. Directors had also arranged to acquire for cash the only other outstanding shares in the capital of D. & P. Studios. D. & P. Studios has now become a wholly owned subsidiary company of B. & D. At the annual meeting of Associated Talking Pictures (which controls Ealing Studios), Stephen L. Courtauld spoke of growing and successful tie-ups with the Rank Organisation for distributing Ealing films on the one hand, and the distribution of Rank reissues by Associated British Film Distributors, a " nursed " subsidiary of Associated Talking Pictures, on the other. Ealing Studio costs compared favourably with other British studios. G.T.C. Profits Down Profits of General Theatres Corporation were affected by the sale of the music halls, and increased operating charges. Benefits from the "earnings of two additional kinemas were felt in only three months of the year. Replacement of old debenture stocks by a new issue of ^1,000 000 3| per cent, stock has reduced annual interest from £118,813 to £35,000 in the current year. First indications of disappointments to come as a result of the rapidly dwindling supply of newAmerican first feature films, were to be seen just before going to Press. Associated British Picture came out with an interim dividend payment of 7| per cent, compared with 10 per cent, for the previous year. Odeon, on the other hand, maintained its interim at 1\ per cent, free of tax. Later, however,, the whole market fell heavily as a result of the Government's obvious determination to maintain the heavy import tax. I should liked to have heard a little more from Mr. Rank about television. Addressing shareholders of Cinema Television, he confined himself to the statement that " your directors are satisfied with the progress made to date by our technical staff in the further development of television both for the home and the kinema." Rank's New Deal J. Arthur Rank aroused criticism in the City in November by attempting to transfer the shares of his private production company, General Cinema Finance Corporation, to Odeon Theatres without calling a meeting of shareholders or disclosing profits and assets of G.C.F. The criticism was followed by an amplified statement by Mr. Rank. He said that the new deal would be financed from Odeon Theatres resources ; that shareholders holding more than 90 per cent, of Odeon ordinary shares had been consulted and welcomed the proposals ; that the offer to Odeon had been made at par ; that he himself was interested in 631,870 preferred and 478,497 deferred ordinary shares, which he was selling at the price he paid for them ; that Odeon's close association with production was not new and did not conflict with any existing undertaking given to Odeon shareholders. Increased Output Mr. Rank also gave a lot of information about whether or not the company had broken promises to shareholders not to engage in production, and justified the move by stating that " The Tightness of this course is now clear to see, for today we -are