§ 27. Mr. Silvesterasked the President of the Board of Trade what estimate he has made of the level of finance from overseas to be provided by major United States film companies for film production in the United Kingdom in 1967 and 1968.
§ Mrs. Gwyneth DunwoodyI cannot give a precise estimate but the amounts in 1965 and 1966 were approximately £15 million and £18 million respectively and there is no evidence to suggest a recent reversal of this trend.
§ Mr. SilvesterIs the hon. Lady aware that there is some concern in the indus- 1814 try that American restrictions may lead to a cut-back of American investment in films produced in this country? Would not she agree that this is just the time when the Government should make a statement that they are committed to some form of assistance to the National Film Finance Corporation to help British finance for the industry?
§ Mrs. DunwoodyI am aware of the concern in the industry about American investment, but we are examining the whole question of films legislation and it would be unfortunate to prejudge the matter.
§ 28. Mr. Silvesterasked the President of the Board of Trade what proportion of the overseas earnings of films produced by companies other than the major United States film companies was attributable to films financed with the assistance of the National Film Finance Corporation in 1965 and 1966.
§ Mrs. Gwyneth DunwoodyI regret that this precise information is not available. In 1965 and 1966, however, the National Film Finance Corporation made loans of £2,100,000 for 36 films with an aggregate cost of £6,100,000 and overseas earnings to date of £2,700,000.
§ Mr. SilvesterDoes not the hon. Lady agree that there is considerable achievement by films of this kind, which earn foreign exchange? If she cannot make a commitment now about the National Film Finance Corporation, can she at least say that the new legislation will provide some means of channelling British investment into films in this country?
§ Mrs. DunwoodyWe are anxious to do all we can to assist the industry, but, for obvious reasons, it would be premature to give a commitment now. The Corporation has been and is doing an excellent job and I am delighted to have the opportunity to pay tribute to it.
§ Sir Harmar NichollsDoes not the importance of keeping to the forefront of film production because of world potential in terms of foreign earnings mean that we should give high priority to helping the industry, at this time in particular?
§ Mrs. DunwoodyWe are naturally concerned that British films should continue to be as successful as they are at present in terms of world trade. They also provide an excellent shop window for our goods.