§ 67. Sir P. Macdonaldasked the Chancellor of the Exchequer what is the present position with regard to his negotiations with the American film interests about the 75 per cent. tax on American films.
§ Sir S. CrippsDiscussions have taken place but so far without result. His Majesty's Government have made it clear that they are not prepared to abandon the tax, or to substitute for it any system depending on blocked sterling being held by American film interests. No progress can be made until this situation is fully recognised.