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. At this point Myr. Pennypacker asked to be excused end left the
meeting.
15. EEDUOPION Iu Expenses = 4
Mr. Sears pointed out that at the last regular meeting Management was directed to cut expenses 104, it being left to Management where the cuts are to be made, tmigets to be prepared accordingly. Mr. Sears stated that upon further study he decided that he could not accomplish such a reduction. He is willing to give a budeet and one that is within reason
tut, with two new distrituting companies and the competitive situation for
man-power and the fact that traveling expenses cost more money than heretofore
and his opinion that he mist render a service to the prodmcer, he feels that the cost of distribution next year will be relatively more expensive rather than less expensive. He stated that he felt that the way that the company
could make money was by owing pictures.
16. GBRADHELL L. SEARS ee
Mr. Sears stated that his contract terminates one yoar free January 1, 1946. Under his contraet he has no contact with the stockholders and is subject to the Board of Directors.~He is taking this opportunity to tell the Board formally of his contract expiration. He is curious to know if the company has an intention of renewing the contract. Mr. Gold has now resigned officially and there are therefore two major vacancies in the company which he will fill with the best available man-power within the orgmization. Even in promotiong man-power within the orgmmization, it is difficult to get such man-power to accept positions unless they know that eo is going to continue to exist. If the company wants a
whole new regime, perhaps the present is the time to plan it. Mr. Sears
a ‘