United Artists Corporate Minutes (Jan-Dec 1939)

“ -l4 Payment of all of the foregoing items was approved. 30. The Treasurer sated that a report from Mr. Kastner indLenees that the governmental reguletions necessitate the making of pictures in Spain in order to obtein permission to distribute United Artists pictures in Spain. Kestner worked out a tentative plan with e Spanish government representative under which United Artists would be permitted to distribute twenty pictures provided we make two Spanish pictures in $pein during an 18 month period at a cost of not less than 800,000 Pesetas for both. ; United Artists Corporation ned in Spain approximately 550,000 White Pesetes, most of which is owing to producers. Under Kanstner'’s arrangement with the Spanish government, the foreign exchange secured from the distribution of the Spanish pictures outside of Spain is to be prorated amongst ‘the producers of the twenty pictures imported, in accordance with the credit balances produced in Spain by those twenty pictures. Some arrangement would have to be made to ‘reimburse the producers whose money is used in production. Mr. Kelly plans to take this matter up with the various producers but wishes the Board of Directors to egree to invest the United Artists* or Export's share of the White Pesetas on hand, provided the producers agree to the man. Mr. Kelly*s recommendetion was unanimously approved,