GA U M ONT-BRITISH PICTURE
MR. J. ARTHUR RANK'S STATEMENT THE eighteenth annual general meeting of Gaumont-British Picture Cor- poration Ltd. was held last Monday at 142-15o, Wardour Street, London, W.
Mr. J. Arthur Rank, J.P., the chairman, presided.
The following is an extract from his statement circulated with the report and accounts: The trading profits and sundry income of the group at £2,514,212 shows a decrease of just over 4 per cent. as compared with the previous year. This decrease was due, in the main, to a resumption of enemy activity, causing a reduction in our theatre takings, and to the upward trend of operating and overhead expenses. Our group earnings to date have shown a substantial increase over the corresponding period for last year.
Taxation charges show a considerable reduction, and the net profit of the corporation for the year is £257,946, an increase of £65,612 as compared with last year. Your directors recommend the payment of a net dividend of 71 per cent. on the Ordinary and " A " Ordinary shares of the corporation, against 6 per cent. last year.
The consolidated balance-sheet shows that the reserve and profit and loss balances of the corporation, together with the undistributed profits of its subsidiaries attributable to the corporation, now amount to £2,813,460, an increase of £16o,737 as compared with last year.
Current liabilities at £3,305,207, as compared with £3,364473, are £59,266 down in comparison with last year. Our current assets show an increase of nearly £too,000 compared with 1944, after having reduced our indebtedness on debenture and loan account by over £25o,000.
Under the heading of subsidiary undertakings not consolidated I should like to mention that our two main manufacturing subsidiaries—British Acoustic Films Ltd. and Cinema-Television Ltd.—have enjoyed a successful year. The adoption of the scheme for the amalgamation of Bush Radio Ltd. and Cinema-Television Ltd. in July last brings two companies specialising in radio and television into close relationship, to their mutual advantage.
Film Production.—The corporation's studios were actively engaged throughout the year in the production of British films, and output for that period was fully maintained. The product of these studios released for exhibition since the last report and widely distributed in this country has achieved outstanding success. • The report and accounts were adopted.
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