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MONKV ni:mM> im. sniRKN
Howovor fra^Mnontary Uicsc fi^^nircH may Ix', tin* faff ol iii< vwi nrroaHini^ weight of loan luonry as distinct froin sliarclioldjTH' cjipital cmcrj^cs iiicontcstaMy, even for t lit^ lar^ci •orporatious, wliilo in tlic case ol tlu^ n<'\v' production iniits, the superiority of the; fornier is ()ver\\ liclniin^. Most of the latter units an* in fad little more than the executive a;4ents of their ereditors (the faets are even rnon^ striking than the fij^ures Ku^^ost, sinee tho latter are weighte<l to\Nards the capital side by one or two units Riieh as British National or ToepHtz having relatively lar^e capital with little or no loans).
Xor is this all, for an analysis of (\irnings, in ho far as these are published, shows that where there are any })rolitH in the production and distribution s])here, these are not, on tho whole, lx?nefiting tho ordinary shareholders, but the fixed interest bewaring security holders. And this is particularly true of the old f)roduction units, where the shareholders' capital gnnitly exceeds the loan cai)ital. in the cinema s])here, on the other hand, it appears that even tho ordinary shareholders arc getting dividends at present : —
|)ivn>KNi>s I'Aiu ON OiU)iNAKV SiiAUEs, 1(KJ;M936 (%)
1933
1!>31
1!)35
1936
Production and 1
:xaiBrnoN
Cauraont-Briti.'^
h Picture Corporatit
)n Ltd.
7
7
7
Nil
Associated Brilisii Picturo Corpi
ration
Ltd. ...
...
5
(3
10
12i
Production
British and Do
uinion Fihns, Ltd.
...
8*
Nil
Nil
British Lion
...
...
NU
Nil
NO
NU
A.T.P.
...
Kil
Nil
Nil
Nil
Sound City
...''
made p
ubiie Co.,
1935)
3
Exhibition
Union
i)
10
20 & 5
22 & 5
P.C.T.
...
15
15
15
15
There thus arises the curious situation that at least in one of the spheres most affected by expansion (production) the ordinary shareholders are not making any money even in the boom period.
The final characteristic of the present phase is one which the film trade has in common with other industries : the trend to ever greater concentration. In this process the relative increase of loan money is one of the most powerful agents, for the credits obtained by the various production or exhibition units tend to an increasing extent to emanate from a few powerful financial groups, who thus obtain a degree of control overridhig the competitive barriers within the industry.
* For eighteen months, 1933-4.