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50 MONEY BEHIND THE SCREEN
Film and Aldgate Trustees, and a further £60,000 for Trafalgar Productions, Ltd. Smaller advances were made by the Clydesdale Bank, Ltd. (Grafton Films, Ltd., £10,000), Butchers Filn/Service, Ltd. (Malcolm Picture Productions, Ltd., £2,540) and the Bankers Trust Co. (Fitzpatrick Pictures, Ltd., £2,000), to mention only a few instances.
The case of Capitol Film Corporation is particularly mstructive. In the first place the capital resources of this company (£125,000) are above the average for independent producers. Secondly, we note from the particulars of charges filed, that at least m the case of four films 37J per cent, of the actual cost of production was advanced by General Film Distributors. Also, the company secured through Aldgate Trustees guaranteed overdrafts mth the Westminster Bank of £450,000, £360,000 and £140,000 respectively, and mth the District Bank of £150,000. Nor is this all, for in addition it raised debentures and collateral mortgages for £160,000 from the Equity & Law Life Assurance Society.*
In three cases advances from individuals are indicated. Thus Alan D. Daly, of Elstree, advanced £10,000 to Tudor Films, Ltd., in July ; Capt. A. S. Cunningham-Reid advanced £5,000 to Criterion Films, Ltd., in March ; while J. R. T. Pilkington, of Dublin, and N. Clarke, London, advanced £750 to Neville Clarke Productions, Ltd.
C. — Mortgage and Debenture Finance in the Exhibition Sphere.
48. While the curious method of financing discussed in the last paragraph appears to be confined to the production sphere, the rapid expansion in the theatre holdings of the large and medium sized circuits to which we have already referred, is reflected in an equally marked increase in the mortgage and debenture indebtedness of cinema-owning companies. During the first ten months of 1936 no less a sum than over £7,806,642 (eight charges being unspecified was secured in the form of mortgages or debentures on cinema properties. This sum was distributed as follows : —
£ *(excl. the £1,340,000 debenture cover for
G.B. group 711,500* Bank overdrafts of Gaumont-British Pic
ture Corporation Ltd.) t (incl. £3,500,000 debentures of Associated A.B.P.C. group ... 4,167,242t British Picture Corporation Ltd. and
£592,742 deb., etc., of Ass. Cinema Properties, Ltd.) Note. — This table is subject to correction,
Union group 1,300,000 since cinemas in the course of construction
Odeon group, over ... 255,000 could not always be assigned with certainty
County group 641,650 to a controHing group. It should also be
Other Companies over 731,250 remembered that these figures are compiled
from the reports published in the Kinema
Total £7,806,642 tograph Wetkly and may not be entirely
complete.
* Not including charges taken up in 1935.