BRITISH FILMS.

Press, Volume LXV, Issue 19612, 7 May 1929, Page 12

BRITISH FILMS.

AN ENCOURAGING REPORT. In a preliminary review of the progress made m British film production in 1928 the Department of Overseas Trade says the situation cannot reasonably be regarded as other than a satisfactory one, in view of the difficulties which confronted the industry before the passing of the Kinematograph Films Act in the autumn of 1927. These difficulties have not been entirely overcome and it would be foolish to hold the view that the British industry has emerged from its last trials and obstacles, but the present state of the industry in comparison with the previous year is most encouraging. No better criterion of an industry's progress can be found than the riew taken of it in financial circles, and it is noteworthy that the shares of British film companies are now freely dealt in on the Stock Exchange in London. In the last eighteen months something like £15,000,000 has been invested in the industry, and the fear of touching anything to do with the film trade which was only too evident a year or two ago on the part of the general public and financiers, has now given place to a willingness to treat the industry on its merits as a commercial proposition.

Along with a more healthy financial position has come a remarkable growth in studio building and in output of films, which on the »tvhole have proved satisfactory in quality. It is too early to say that British producers have found a type of picture of their own, essentially British in outlook, as it has been necessary to study overseas markets where the hold of the Americans in the past has been so strong that the public has been accustomed to a type of picture moulded on the lines of American ideas. To a large extent the same factors are at work in the United Kingdom, though there is naturally a warmer reception for British faces on the screen and British thoughts and ideal* in the stories.

In talking films a demonstration has been given in London of the British photo-tone system and excellent result* are reported. The Phototone uses gramophone records with a special system of synchronisation, and one of its merits is claimed to be the excellent tone produced with a minimum _of expense of installation. At Elstree, British International Pictures Ltd., are erecting new studios for the same purpose. In general, the film industry is devoting a great deal of attention at the present time to the whole question of talking films. CUNARD COMPANY.

GROSS PROFIT £3,213,601; NET £550,478.

The annual report of the Cunard Steam Ship Company shows that a gross profit of £3,213,601 was realised last year. This represents a slight falling off as compared with the income of 1927, which reached £3,339,713, and as the amount allowed for expenses and depreciation went up slightly, the net profits were reduced from £659,743 to £550,478, despite eome saving in interest charges. The company, however, has always followed a conservative policy with regard to the distribution of its earnings. It is mentioned in the report that increased emigration from this country to Canada will result, it is hoped, from the arrangement made by the company, after discussion with the British and Canadian Governments, in providing for a third-claes ocean fare of £lO for British emigrants to Canada. The report makes no mention of the company's building programme or its rumoured plans in connexion with a new Cunarder for the, Atlantic service.

ECONOMIC SITUATION. ARTICLE BY HON. W. P. REEVES. « (FROM OT7B OWK COBBBBPOKDCNT.V LONDON, March 27. About forty leaders in the banking world contribute to a very comprehensive International Banking Supplement to "The Financial Times." The Hon. W. Pember Beeves contribntea four columns dealing with the trade and finance of New Zealand. "From a banker's point of view," he writes, "the year has been fairly satisfactory, particularly so because it has, I think, justified the policy of the banks in limiting imports and encouraging deposits two years ago. Experience has shown more than once that in a producing country like New Zealand a sharp fall in the value of primary exports is not followed as soon as it ought to be by a reduction either in the price or the volume of imports. The result is that merchants and retailers become overloaded and importers become embarrassed at the very time when producers for export see their profits cut down. The only thing for the banks to do is to take the unpopular step of putting up the advance rate, and this step the New Zealand banks took after considerable hesitation. The result was expressed in the official figures for the year ended March Slst, 1928, and these are emphasised by the figures for the calendar year just ended." British Imports. Mr Beeves goes on to speak of the action of the Government in taking deposits of sums as high as £SOOO in the Government Savings Bank, and of the counter measures taken by the ordinary banks to do away with this competition. He gives figures regarding the export of dairy produce, wool, and fruit. "One aspect of the trade," he continues, "is not as comforting to English readers as it might be. The proportion of imports taken by the Dominion from Great Britain is barely 48 per cent., and does not increase. For the five years 1909-13 it averaged 60.09 per cent.; in 1922 it was 55.46 per cent., and has since fallen to the present proportion. When one reflects that in 1922 the United Kingdom took 84.61 per cent, of New Zealand, exports, and that in 1927 the proportion was still 76.4, it does not look as though New Zealand was making as full a return to the Mother Country as she might. It is true that in 1927 the imports into New Zealand of goods of British origin were valued at twenty-one and a half millions, and it is also true that a good deal of the produce sent to Great Britain is re-exported to other countries. Still, the disproportion I have pointed out exists, and it is fa glaring contrast to the balance of New Zealand trade with the United States. In 1927 the Americans bought £2,681,000 worth from New Zealand; but they sold in return £8,077,000.

Private Indebtedness. After dealing with public finances, _ Mr Reeves concludes by a reference to private indebtedness. „ „„„ „„„ ~ "Mortgages amount to over £300,000,000, he says, "and even if you allow for a certain amount of duplication, the total is serious. The debt of the rural population must be approximately £140,000 000 About one-ninth may be to the banks, the rest rWflv bv way of mortgage. "Money is plentiful, and lending rates not especially high for a colony. Money in apnrecfabe amounts has lately been sent over to Australia because higher rates are obtainable there. The Auckland Private Savings Bank—a carefully-managed concern that handled several millions of »«•£-*•*«»* its mortgage rate from 6J per cent, to 6 ner MntT two months ago, and its deposit ?ate from 43 per cent, to 4J per cent. Labour if abundant: the supply slightly ■«c«*ds the demand. Wates are not extravagan«T hi**, and industrial peace continues. It cannot be said that Kew Zealand, as a whole, is suffer- ?** from low prices, dear money, and high cofts of produc-tion. So far as she is sufferr.t all it is from the results of land, heavy rates «nd taxes, too much public borrawing persisted in for many y«*™,and, s.ill more, from too much private debt. FAT STOCK PRICES. (PES33 ASSOCIATIOK TBLEOBAX.) WELLINGTON, May 6. The New Zealand Meat Producers' Board advises that the following prices are Being offered for fat stock for export:Canterbury—Prime woolly lambs, 361b ana under 9 B d, 87-421b Bgd, 431b and over Bga. second quality BJd. .„ „,, Southland—Prime woolly lambs, 361b ana under 9Jd, 37-421b 8 8 d, 431b and over BJd; second quality. 361b and under B|d, over 361b 7|d. It may be noted that at the present time most lambs are being purchased by the head, consideration being given to the quality of the tomb* and the value of the akins.