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xii^>^>^>^^^>^^> Introduction
in which it found itself. Much as one would like to see an individual firm solve its own problems, if its management is incapable of doing so within a reasonable time, someone else must take a hand in the situation, if that someone else has interests that are seriously and adversely affected by the inability of the borrower to meet its obligations. All this is no particular defense of the financier. Bankers have rushed in before to handle businesses with which they were quite unfamiliar, and certainly no one would argue that they have always made an unqualified success of such ventures. They have acted hastily without securing adequate experience and knowledge; they have acted by formula rather than by business acumen; and they have sometimes ruined the concern which they were attempting to salvage. It is not contended that these consequences always follow, but they have occurred in the past and will probably occur again. It is quite natural that those whose lives and livelihood had been bound up in this fascinating business for years would look askance at the entrance of new control, would attempt to defend what they had done in the past, would magnify the inevitable mistakes of the new management, and would be likely to say little about the good that might be accomplished. They had had little cause to think deeply about the source of the funds which financed their activities. These came from elsewhere, and the source frequently must have seemed inexhaustible.
Since the fundamental problems of the industry should be those of production, distribution and exhibition, it is important to have a thorough understanding of these issues before considering the broad financial consideration toward which the public's attention is so frequently directed. If no special consideration is given in this book to the problems of intercorporate financial relations, financial structure, and reorganizations, it is not because of a failure to appreciate either their significance or the amount of interest in them. They are not discussed at length for two reasons. The first is that to which reference has already been made, namely