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Argentina Suspends Remittances to U.S. NEW YORK—Argentina has clamped a ban on remittances of money to hard currency countries—the United States, Port u g a I, Switzerland and Sweden. This stops the income of American film distributors. Home offices are awaiting details from their Buenos Aires representatives. Some foreign managers believe the ban will be temporai-y- The impression prevails that the European Recovery Organization will make some of its food purchases in Argentina, thereby making dollar credits available here. The newest Argentina move was in the form of a notice from the government-owned Central Bank to other banks in the country. Last August the Ai-gentine government banned U.S. film imports by refusing to grant import licenses. This was modified later when Ai-gentina agreed to issue permits to import 25 per cent of the total 1947 footage. Rank Enters 16mm Field Through Australia Firm SYDNEY, AUSTRALIA — The J. Arthur Rank Organization has entered the 16mm field through Sixteen Millimetre Australia Pty., Ltd., which will service 16mm situations not in conflict with 35mm interests, according to Harry Barton, export manager of GB Equipments. The latter company controls the marketing of all sub-standard goods for Rank outside the United Kingdom. About half a million more feet of 16mm film were imported into Australia in 1947 than in 1946, according to the report of J. O. Alexander, chief commonwealth film censor. In 35mm films, both Hollywood and England contributed fewer productions for Australia during 1947. The 342 featm-es imported were a drop of 42 from 1946. This figure includes 293 from the United States. 36 from the United Kingdom and 13 from other countries. National Review Board Honors Five Features NEW YORK—Four American features, "Dream Girl" (Para), "The Iron Curtain" and "Give My Regards to Broadway" (20th- Pox) and "Panhandle" (Mono>, and "Showtime," released by English Films, have been given selected features rating by the National Board of Review in the weekly guide to selected pictures. Short subjects given special mention are: "The Bored Cuckoo," "Riding Habits," "Unusual Occupations L7-4," "There's Good Boos Tonight" and "Popular Science J7-4" (Para), "Something Old, Something New" (20th-Fox), "Democracy's Diary" (RKO) and "Shown by Request," a non-theatrical film made by British Information Service. Lopert Gets Guitry Film NEW YORK—Lopert Films has acquired the United States distribution rights to "Desire," the new Sacha Guitry film which was called "Le Destin Fabuleux de Desiree Clary" in France. The film will be released in the fall. TV^f^AiH^toK ^efiont ^E ADMINISTRATION TIPPED its hand this week that it will do Its best to prevent a business recession. This is news. Whatever comes out of it will affect the boxoffice. In effect, the administration has conceded that even a minor recession would be such a political liability that it must guard in advance against it. That is the true meaning of the recent Treasury department decision to override the Federal Reserve board and go no further in applying credit curbs at this time. The action was a stunning reversal of the Treasury's carefully-controlled debt management policy of the recent past. Analysis of the action by students of economics reveals no sound banking reason for it. In the opinion of best-informed market observers and their counterparts in the government, the Treasury has encouraged inflationary forces. Politics aren't always with us, but one doesn't expect blatant political trafficking with the monetary system—yet sound financial thought has it that the latest move, reversing the trend to higher short-term interest rates, can be little else. It means, without much doubt, a spurt in government bond prices, lowering of interest rates and an easing of credit. Within months the reserve system may be dumping federal bonds on the market to stem their upward rise, involuntarily contributing further to monetary pressures. And the Treasury, forced to pay off increasing number of maturing one-year certificates, may so reduce its working cash balance that It speeds up the necessity to return to deficit financing. IN OTHER WORDS, a complete return to the inflationary debt situation the Treasury and the reserve board worked months to eliminate. Banks, rebuffed in their short-term investments, may return to government bonds, monetization may increase, bank liquidity may decrease and lending may rise—all the dangerous factors of the inflationary conditions that contribute to the momentum of a bust once the downturn starts. The political reason ascribed to this move is that it permits the administration to go to the voters in the next few months and point out how it licked an oncoming depression. The administration will be able to say (and some may believe it) we have restored confidence in government bonds, imperiled by Republican refusal to take the economic steps we have urged; we have offset what would have been a major depression had the market breaks of February been allowed to run their course, we have restored good times, good prices. Make no mistake, this was a Treasury decision. The central banking agency was dead against it. Here's how it happened: Last month, the Federal Advisory Council met with Thomas McCabe, new reserve board chairman, for the first time. McCabe, new to his job. essentially the good salesman, opened himself to questions. When asked how he'd handle June-July financing, he said, "Well, what would you do in my place?" The council, an unofficial group, told what By LEE QARLING they wanted: a short-term freeze on interest rates that would assure high government bond prices, perk up their portfolios, earn a sizeable return on the long positions they were running, inspire borrowing. McCabe made no promises, but said he had an open mind. That was enough. The council members hurried to Treasury Head John Snyder, told him McCabe was willing to go along, explained that credit was getting too tight, that member bank loans were falling off badly, and that with big defense plans afoot, indu-stry might have trouble getting working capital. SNYDER WAS SYMPATHEnC. Shortly after he conducted a "secret" press conference at which he, as an unnamed Treasury official, warned of falling bank loans, mentioned need for possible return to government-guaranteed industrial loans if industry couldn't get banks to back their defense operations. The reserve board members heard the rumors, and sent McCabe to urge Snyder to continue the anti-inflationary shift to higher short term rates. McCabe was advised to tell the Treasury head that all its surveys showed inflationary pressures were continuing. But it was too late. McCabe, owing his appointment to Snyder was no match for the members of the council. He urged his board's arguments, but admitted that Snyder was the boss who should make the decision. Then the two went to a bankers convention at Coronado, where Snyder heard more of the arguments of the council members. When he returned in mid-May, the die was cast. Hughes' 'Outlaw' Honored By Library of Congress NEW YORK — "The Outlaw," Howard Hughes' controversial motion picture has been designated as a "leading production" by the Library of Congress and placed on its honor roll by Lewis C. Coffin, chief of the exchange and gift division of the library. The Library of Congress, which called "The Outlaw" a picture which "truly reflected the modes and morals of the times in which the action takes place," officially requested a new print from Hughes for permanent preservation in the Library archives. The Library also requested a used print in good contion to be used for reference purposes. He Gives Them Sound To Mute a Squawk Jerome, Ida.—Russ Tweedy chose a spot in the center of this community to build a drive-in theatre. The area was fringed by homes and the screen tower was plainly visible from the windows. Fearful that the neighbors might protest his location, Tweedy decided to let them in on the act. He installed in-car speakers at their windows. BOXOFFICE : : May 22, 1948 29
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