§ 6. Mr. Shepherd
asked the President of the Board of Trade how the non-remittable earnings of United States film producers in the United Kingdom have been expended.
§ Mr. P. Thorneycroft
During the period 14th June, 1948, when the first Anglo-American Film Agreement came into operation, to 31st December, 1951, United States film companies spent £22–23 million of their unremittable film earnings. This money has been applied to the various purposes specified in the Agreement, in particular, to film production in the sterling area, which has accounted for over £8 million of the total expenditure. Other expenditure has included the acquisition of distribution rights of British films, payments for prints, and for personal services, travel and living expenses.
§ Mr. Niall Macpherson
Can the right hon. Gentleman say whether it is possible for American interests to remit earnings from the re-investment of the blocked earnings?