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For 1931, the Mexicen corporation showed a loss of: 9,837.70 Mexicen Pesos, Since the introduction of talking pictures the Compeny’s operation has not been successful. The grosses on individual pictures have fellen off meterially and the expenses have increased, saduhy due to new governmentel regulations end increased terifts and texes. Further, the loss in the rete of exchange has effected our profit and loss account, and now the Mexicen Government will put into effect April 21,1932, a tariff which will practicelly meke it nie~ hibitive for American distribution end to operste successfully in thet territory. This threat of increased terirf occurred in 1931 and the American aistrifitors were forced to boycott the Mexicen exhibitors until the high teriffs were removed, but nevertheless they were only removed for & period of six months, the same to go into effect 1932. There is a possibility, further, of the Mexican. government putting into effect a quota system whereby each distributor may heave to produces and-distribute.a Mexican ree ee ee uae r With these feotors fecing us, Mr.Kelly, the ©
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Treasurer, sees no hope of the Corporetion recovering the indebtedness due it from the Mexicen subsidiary and, therefore,
he recommended thet this item be cherged to Profit & Loss ieee and thet the capitel stock of this Company be written off
to Profit & Loss, and thet the shares of the subsidiery be hi? shown on the belance sheet of the corporation és being without ~~ : ee. _ a