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34 MONEV BEHIND THE SCREEN
The statement of accounts of London Film Productions, Ltd., for the period from April 28th, 1935, to May 2nd, 1936, was summarised as follows in the Kinematograph Weekly of December 17th, 1936 :—
" Accounts of London Film Productions show that during the period to May 2nd, 1936, the company operated at a loss of £330,842 which increased the debit balance to £368,973 against an issued share capital of £428,549. Expenses of £113,017 incurred while the company was awaiting the completion of studios have been carried to Development Account,
" In addition to the capital there is a First Debenture stock of £500,000, a loan of £453,562, secured on a further Debenture and other secured loans totalling £549,291, while creditors amount to £288,892.
" Total assets amount to £2,229,973, of which completed productions and costs apphcable to future productions account for £751,845. Property and equipment are valued at £564,149.
" There are a number of intangible assets including £19,250 compensation paid for cancellation of a contract ; £12,500 commission in respect of shares issued ; £94,885 Debenture discount account. Debtors amount to £41,408 and cash to £5,403."*
Apart from the interests indicated in the directors' and shareholders' lists, the recent re -organisation of Denham Laboratories may perhaps afford some clues to the sources of Korda finance at the present time. For in addition to A. Korda, E. H. George and C. H. Brand, the directors of that company are S. G. Warburg (a partner of M. M. Warburg & Co., Hamburg and Warburg & Co., Amsterdam, the continental banking houses related through the Warburg family with the New York bankers, Kuhn, Loeb & Co.), and D. Oliver (director of Grundwert A.G., Hamburg). T>. OUver and A. Korda are also director and chairman respectively of the Harefield Investment Trust, Ltd.
35. The next United Artists producer, British and Dominion Film Corporation, Ltd., was registered in February, 1928, to acquire the business of British Dominions Films, Ltd. Its present issued capital consists of £500,000 in ordinary £1 shares. It is reported to have a 50 per cent, control and shareholding interest ** in the Pinewood Studios, Iver, sponsored by J. A. Rank and C Boot (see General Film Distributors, Ltd., group, para. 38) and a tenyear management agreement for those studios. The following are directors of British and Dominion Films, Ltd. : —
E. R. Crammond (Chairman).
C. M. Woolf (Managing).
H. S. Wilcox.
Capt. the Hon. R. Norton.
W. H. Cockburn. E. R. Crammond is joint managing director of British Shareholders Trust, Ltd. and a director of English National Investment
* Another item appearing among the assets of this statement of accounts is : *' PolicieB on the life of Mr. A. Korda (premium paid) £7,354." *♦ But see analysis of Pinewood Studios, paragvnph 40.